Guideline Value for Kannagi Street, Nehru Nagar

Kannagi Street, Nehru Nagar guideline value

The current guideline value of Kannagi Street, Nehru Nagar 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, Nehru Nagar has changed

The guideline value for Kannagi Street has undergone several revisions over the years. The earliest recorded revision was in 2012, where the guideline value was Rs 3,500 per sq.ft. In 2017, this value decreased to Rs 2,345 per sq.ft, marking a drop of 33%. However, the most recent revision in 2024 saw a significant increase to Rs 3,850 per sq.ft, which is a rise of 64% from the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by 10%.

There are no figures available for the years 2002, 2003, 2007, and 2023 in the register for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, with rates 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 the 2024 figure for Kannagi Street below that median.

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

Stamp duty and registration fee for property in Kannagi Street, Nehru Nagar

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, 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 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 more details.

Which Sub Registrar Office covers Kannagi Street, Nehru Nagar?

The Sub Registrar Office that covers Kannagi Street, Nehru Nagar 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 critical factor during the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded accurately in the government records.

When a property is sold, the guideline value helps in establishing the minimum value for which the property can be registered. This ensures transparency and helps in maintaining a standard for property transactions in the area.

Frequently asked questions

What is the current guideline value of Kannagi Street, Nehru Nagar?

The current guideline value of Kannagi Street, Nehru Nagar 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 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, and then increased to Rs 3,850 per sq.ft in 2024. Overall, this represents a 10% increase from 2012 to 2024.

What is the land classification for Kannagi Street?

Kannagi Street is classified as Residential Class II Type - III, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Kannagi Street?

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

How is the stamp duty calculated for properties in Kannagi Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For instance, a property with a guideline value of Rs 38,50,000 would incur a stamp duty of Rs 2,69,500 at 7%.