Guideline Value for Kannagi Street

Kannagi Street guideline value

The current guideline value of Kannagi Street in Parangimalai village is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - II.

How the guideline value of Kannagi Street has changed

The guideline value for Kannagi Street has seen significant changes over the years. In 2002, the value was Rs 256 per sq.ft. It increased to Rs 320 per sq.ft in 2003, marking a 25% rise. The subsequent revisions showed a substantial increase, with the value reaching Rs 750 per sq.ft in 2007, a 134% increase from the previous year. By 2012, the value was Rs 3,000 per sq.ft, reflecting a remarkable 300% increase from 2007. However, it then decreased by 33% to Rs 2,010 per sq.ft in 2017.

In the 2023 revision, the guideline value was set at Rs 3,000 per sq.ft, and in 2024, it rose by 10% to the current value of Rs 3,300 per sq.ft. Overall, from 2002 to 2024, the guideline value has increased by 1189% for this street.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, placing Kannagi Street's current value below this median.

• Kannan Street: Rs 3,850 per sq.ft (2024)
• Kambar Street: Rs 3,300 per sq.ft (2024)
• Karaiyar Koil Street: Rs 2,750 per sq.ft (2024)
• Karpaga Vinayagar Koil Street: Rs 2,750 per sq.ft (2024)
• Kamarajar Street (Kalaignar Nagar): Rs 2,750 per sq.ft (2024)
• Kamarajar Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Kannagi Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kannagi Street?

Kannagi Street is covered by the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when buying or selling property in Parangimalai. It serves as a benchmark for determining the stamp duty and registration fees applicable during the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations.

When registering a property, the guideline value is used to calculate the applicable duties and fees. It is essential to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Kannagi Street?

The current guideline value of Kannagi Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 256 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 1189%.

What is the land classification for Kannagi Street?

Kannagi Street is classified as Residential Class II Type - II under the Chennai South Joint II SRO.

What are the stamp duty and registration fees for a property in Kannagi Street?

For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 2,97,000, based on the guideline value of Rs 33,00,000.

Which Sub Registrar Office covers Kannagi Street?

Kannagi Street is covered by the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.