Guideline Value for Kannagi Street Lane IV

Kannagi Street Lane IV guideline value

The current guideline value of Kannagi Street Lane IV 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. The land classification for this area is Residential Class II Type - III.

How the guideline value of Kannagi Street Lane IV has changed

The guideline value for Kannagi Street Lane IV has undergone several revisions over the years. In the 2007 revision, the value was set at Rs 1,500 per sq.ft. This increased significantly to Rs 3,500 per sq.ft in 2012, marking a 133% rise. However, the 2017 revision saw a decrease to Rs 2,345 per sq.ft, which was a decline of 33%. The most recent 2024 revision has brought the value back up to Rs 3,850 per sq.ft, representing a 64% increase from the 2017 figure. Overall, from 2007 to 2024, the guideline value has increased by 157%.

It is important to note that the register has no figures for the years 2023, 2003, and 2002 for this street. Therefore, the changes in guideline values for those years are not available.

Guideline values in Velachery

In Velachery, there are a total of 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. The median guideline value in this area is Rs 4,400 per sq.ft, placing Kannagi Street Lane IV's 2024 figure below that median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty, charged at 7%, would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000. Together, these fees total Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kannagi Street Lane IV?

The Sub Registrar Office that covers Kannagi Street Lane IV 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 an important factor in the registration process when buying or selling property in Velachery. It serves as a reference for determining the minimum value at which a property can be registered, ensuring transparency in property transactions.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of Kannagi Street Lane IV 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, marking an overall increase of 157% over these years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which Sub Registrar Office is responsible for Kannagi Street Lane IV?

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

Are there other streets with the same guideline value in Velachery?

Yes, several other streets in Velachery also have a guideline value of Rs 3,850 per sq.ft in 2024, including Kannagi Street Lane I, II, III, V, and Kannagi Street, Nehru Nagar.