Guideline Value for Kannagi Street

Kannagi Street guideline value

The current guideline value of Kannagi Street in Ullagaram village, under the Alandur SRO, is Rs 2,800 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class II Type - I land classification.

How the guideline value of Kannagi Street has changed

The guideline value for Kannagi Street has undergone several revisions over the years. In 2002, the value was Rs 298 per sq.ft, which increased to Rs 334 per sq.ft in 2003. Following this, there was a significant rise to Rs 1,000 per sq.ft in 2007, and the value further jumped to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017 before climbing back to Rs 2,500 per sq.ft in 2023. The most recent revision in 2024 saw the guideline value rise to Rs 2,800 per sq.ft, marking a 12% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 840%. Notably, there are no figures available for the revisions in years other than those listed above for this street.

Guideline values in Ullagaram

In Ullagaram, there are 298 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,800 per sq.ft, which is equal to the current guideline value of Kannagi Street.

• Kambar Street: Rs 2,200 per sq.ft (2024)
• Kariyan Ponnan Street: Rs 2,800 per sq.ft (2024)
• Karunanidhi Nagar: Rs 2,200 per sq.ft (2024)
• Kamarajar Street: Rs 2,800 per sq.ft (2024)
• Kalidas Street: Rs 2,200 per sq.ft (2024)
• K B Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Kannagi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, making the total cost for these fees Rs 2,52,000. 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 more detailed calculations.

Which Sub Registrar Office covers Kannagi Street?

The Sub Registrar Office that covers Kannagi Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. For more information, you can find your SRO.

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

The guideline value is a crucial factor in property transactions in Ullagaram. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with legal requirements.

When registering a property, the guideline value serves as a benchmark for calculating the applicable taxes and fees. It is essential for both parties in a transaction to understand how the guideline value affects their financial obligations during the buying or selling process.

Frequently asked questions

What is the current guideline value of Kannagi Street?

The current guideline value of Kannagi Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, starting from Rs 298 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, representing an overall increase of 840% over this period.

What is the land classification for Kannagi Street?

Kannagi Street falls under the Residential Class II Type - I land classification as per the guidelines.

Where is the Alandur Sub Registrar Office located?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is stamp duty calculated for properties in Kannagi Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 28,00,000 would incur a stamp duty of Rs 1,96,000 at a rate of 7%.