Guideline Value for Kannagi Street

Kannagi Street guideline value

The current guideline value of Kannagi Street in Ramapuram village, under the Chennai South Joint II SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class II Type - II.

How the guideline value of Kannagi Street has changed

Looking back at the revisions, the guideline value for Kannagi Street was Rs 1,675 per sq.ft in 2017, which increased to Rs 2,500 per sq.ft in 2012. The value then saw a rise to Rs 2,500 per sq.ft in the 2023 revision, before reaching the current value of Rs 2,750 per sq.ft in 2024, reflecting a 10% increase from the previous year. Notably, there are no figures available for the revisions in 2002, 2003, and 2007.

From 2012 to 2017, the value decreased by 33%, but from 2017 to 2023, it increased significantly by 49%. Overall, comparing the values from 2012 to 2024, there has been a 10% increase.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft, with a median value of Rs 3,100 per sq.ft. The guideline value of Kannagi Street is below this median.

• Kannadhasan Nagar: Rs 3,100 per sq.ft (2024)
• Kannadasan Street: Rs 3,100 per sq.ft (2024)
• Kannadasan Nagar 6st Street: Rs 3,100 per sq.ft (2024)
• Kannadasan Nagar 5st Street: Rs 3,100 per sq.ft (2024)
• Kannadasan Nagar 4st Street: Rs 3,100 per sq.ft (2024)
• Kannadasan Nagar 3st Street: Rs 3,100 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 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total fees together to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kannagi Street?

Kannagi Street falls under the jurisdiction of 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 more information.

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

The guideline value is a critical factor during property transactions in Ramapuram, as it determines the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations and to calculate applicable fees.

When registering a property, the guideline value is used to calculate stamp duty and registration fees. These fees are based on the guideline value or the sale price, whichever is higher, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kannagi Street?

The current guideline value of Kannagi Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,675 per sq.ft in 2017 to Rs 2,500 per sq.ft in 2023, and now to Rs 2,750 per sq.ft in 2024, reflecting significant increases over the years.

What is the land classification for Kannagi Street?

Kannagi Street is classified as Residential Class II Type - II, indicating its designation for residential use within the area.

What are the stamp duty rates for property in Kannagi Street?

The stamp duty rate for property transactions in Kannagi Street is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Which office handles registrations for Kannagi Street?

The registrations for Kannagi Street are handled 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.