Guideline Value for Kannagi Nagar Madavi Street

Kannagi Nagar Madavi Street guideline value

The current guideline value of Kannagi Nagar Madavi Street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Tondaiarpet village, under the Royapuram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Kannagi Nagar Madavi Street has changed

The guideline value for Kannagi Nagar Madavi Street has seen several revisions over the years. The 2017 revision set the value at Rs 804 per sq.ft, which increased to Rs 1,200 per sq.ft in the 2023 revision. The latest revision in 2024 has raised the value further to Rs 1,300 per sq.ft, marking an 8% increase from the previous year. Overall, from 2017 to 2024, the guideline value has risen by 62%.

It is important to note that there are no figures available for this street in the revisions from the years 2002, 2003, 2007, and 2012. The significant increase from Rs 804 in 2017 to the current Rs 1,300 reflects a substantial change in the guideline value over the years.

Guideline values in Tondaiarpet

In Tondaiarpet, there are 1,384 streets under the Royapuram SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 10,100 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, indicating that Kannagi Nagar Madavi Street's 2024 figure is below this median.

• Kannagi Nagar Kovalan Street: Rs 1,300 per sq.ft (2024)
• Kannagi Nagar Manimegalai Street: Rs 1,300 per sq.ft (2024)
• Kannagi Nagar Elango Street: Rs 1,300 per sq.ft (2024)
• Kannagi Nagar Pandiyan Street: Rs 1,300 per sq.ft (2024)
• Kannagi Street: Rs 1,300 per sq.ft (2024)
• Kannan Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Kannagi Nagar Madavi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Kannagi Nagar Madavi Street?

The Sub Registrar Office covering Kannagi Nagar Madavi Street is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. For more information, you can find your SRO.

How the guideline value is used when you buy or sell in Tondaiarpet

The guideline value is a critical factor in the registration process of property transactions in Tondaiarpet. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property being transacted. This value is essential for calculating the applicable stamp duty and registration fees, which are based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Kannagi Nagar Madavi Street?

The current guideline value of Kannagi Nagar Madavi Street is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 804 per sq.ft in 2017 to Rs 1,300 per sq.ft in 2024, marking an overall increase of 62% over this period.

What are the other streets with the same guideline value in Tondaiarpet?

Other streets in Tondaiarpet with the same guideline value of Rs 1,300 per sq.ft include Kannagi Nagar Kovalan Street, Kannagi Nagar Manimegalai Street, Kannagi Nagar Elango Street, Kannagi Nagar Pandiyan Street, and Kannagi Street.

What is the registration fee for property in Kannagi Nagar Madavi Street?

The registration fee for property in Kannagi Nagar Madavi Street is calculated at 2% of the guideline value. For a plot valued at Rs 13,00,000, the registration fee would be Rs 26,000.

Where is the Sub Registrar Office for Kannagi Nagar Madavi Street located?

The Sub Registrar Office for Kannagi Nagar Madavi Street is located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.