Guideline Value for Kannagi Street Lane V

Kannagi Street Lane V guideline value

The current guideline value for Kannagi Street Lane V 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 V has changed

The guideline value for Kannagi Street Lane V has seen 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 the 2012 revision, marking a growth of 133%. However, in the 2017 revision, the value dropped to Rs 2,345 per sq.ft, reflecting a decrease of 33%. The most recent revision in 2024 has set the value at Rs 3,850 per sq.ft, which is an increase of 64% from 2017.

There are no figures available for the years 2023, 2003, and 2002 for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 157%.

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. The median value for these streets is Rs 4,400 per sq.ft, placing the guideline value of Kannagi Street Lane V below this median.

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

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

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 at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Kannagi Street Lane V?

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

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

The guideline value is an essential factor in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the value of the property, which is used to calculate the applicable stamp duty and registration fees.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to determine the fees. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value for Kannagi Street Lane V?

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

How has the guideline value changed over the years?

The guideline value for Kannagi Street Lane V has changed from Rs 1,500 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, marking a total increase of 157% over the years.

Where can I find the registration office for Kannagi Street Lane V?

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

What is the stamp duty rate for properties in Kannagi Street Lane V?

The stamp duty rate for properties in Kannagi Street Lane V is 7% of the guideline value or the sale price, whichever is higher.

What is the median guideline value for streets in Velachery?

The median guideline value for streets in Velachery is Rs 4,400 per sq.ft, while the guideline value for Kannagi Street Lane V is below this median at Rs 3,850 per sq.ft.