Guideline Value for Kannagi Street Lane II

Kannagi Street Lane II guideline value

The current guideline value of Kannagi Street Lane II is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO, classified as Residential Class II Type - III.

How the guideline value of Kannagi Street Lane II has changed

The guideline value for Kannagi Street Lane II has experienced several revisions over the years. Starting with the 2007 revision, the value was Rs 1,500 per sq.ft. This increased significantly to Rs 3,500 per sq.ft in 2012, marking a rise of 133%. However, in the 2017 revision, the value decreased to Rs 2,345 per sq.ft, a drop of 33%. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, reflecting an increase of 64% from 2017. The overall change from 2007 to 2024 shows an increase of 157%.

It is important to note that there are no figures available for the years 2023, 2003, and 2002 for this street in the register.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value for Kannagi Street Lane II is below this median.

• Kannagi Street Lane I: Rs 3,850 per sq.ft (2024)
• Kannagi Street Lane III: Rs 3,850 per sq.ft (2024)
• Kannagi Street Lane IV: Rs 3,850 per sq.ft (2024)
• Kannagi Street Lane V: Rs 3,850 per sq.ft (2024)
• Kannagi Street, Nehru Nagar: Rs 3,850 per sq.ft (2024)
• Kannagi Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Kannagi Street Lane II

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. It is essential to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kannagi Street Lane II?

The Sub Registrar Office that covers Kannagi Street Lane II is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Velachery. It serves as a benchmark for determining the minimum price at which a property can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring compliance with local regulations.

During the registration process, buyers and sellers must refer to the guideline value to ascertain the financial implications of their transaction. This ensures that all parties are aware of the costs involved and facilitates a smoother registration process.

Frequently asked questions

What is the current guideline value of Kannagi Street Lane II?

The current guideline value of Kannagi Street Lane II is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024. Notable changes include an increase of 133% from 2007 to 2012 and a decrease of 33% from 2012 to 2017.

What is the land classification for Kannagi Street Lane II?

Kannagi Street Lane II is classified as Residential Class II Type - III under the Velacheri SRO.

What are the stamp duty rates applicable in this area?

The stamp duty rate applicable in this area is 7% of the guideline value or sale price, whichever is higher. The registration fee is 2% of the guideline value or sale price.

Which office handles registrations for Kannagi Street Lane II?

The Velacheri Sub Registrar Office handles registrations for Kannagi Street Lane II, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.