Guideline Value for Kannagi Nagar

Kannagi Nagar guideline value

The current guideline value of Kannagi Nagar is Rs 2,500 per sq.ft, effective from 1 July 2024. This area is located in Erukancherry village under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Kannagi Nagar has changed

Over the years, the guideline value of Kannagi Nagar has seen several revisions. The 2012 revision set the value at Rs 2,300 per sq.ft, which then decreased to Rs 1,541 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,300 per sq.ft in 2023, and the latest revision in 2024 has brought it to Rs 2,500 per sq.ft. There are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From the 2012 revision to the 2017 revision, there was a decrease of 33%. However, the guideline value increased by 49% from 2017 to 2023. The overall change from 2012 to 2024 shows a modest increase of 9%.

Guideline values in Erukancherry

In Erukancherry village, there are 376 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median value is Rs 2,500 per sq.ft, which is equal to the guideline value of Kannagi Nagar.

• Kannabiran Koil Street: Rs 2,500 per sq.ft (2024)
• Kannaki Street: Rs 2,500 per sq.ft (2024)
• Kandasamy Koil Street: Rs 1,900 per sq.ft (2024)
• Kandasamy Koil Colony Street: Rs 1,900 per sq.ft (2024)
• Kambar Street: Rs 2,500 per sq.ft (2024)
• Kamatchi Street: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Kannagi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total to Rs 2,25,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Kannagi Nagar?

Kannagi Nagar falls under the jurisdiction of the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Erukancherry. It serves as the base value upon which stamp duty and registration fees are calculated, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value is used to determine the minimum price at which a property can be registered. This helps maintain transparency and fairness in property dealings within the region.

Frequently asked questions

What is the current guideline value of Kannagi Nagar?

The current guideline value of Kannagi Nagar is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, then increased to Rs 2,300 per sq.ft in 2023, and finally to Rs 2,500 per sq.ft in 2024.

What is the land classification of Kannagi Nagar?

Kannagi Nagar is classified as Residential Class III Type - I under the Madhavaram SRO.

What is the stamp duty for property in Kannagi Nagar?

The stamp duty for property in Kannagi Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher.

Which office handles property registrations in Kannagi Nagar?

The Madhavaram Sub Registrar Office handles property registrations in Kannagi Nagar, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.