Guideline Value for Kannagi Street

Kannagi Street guideline value

The current guideline value of Kannagi Street, located in Velachery village, is Rs 3,850 per sq.ft, effective from 1 July 2024. This street falls under the Velacheri SRO and is classified as Residential Class II Type - III.

How the guideline value of Kannagi Street has changed

The guideline value for Kannagi Street has seen several revisions over the years. Starting from Rs 299 per sq.ft in 2002, it increased to Rs 335 per sq.ft in 2003, marking a 12% rise. The value then surged significantly to Rs 1,500 per sq.ft in 2007, which was a 348% increase. Following this, the value rose to Rs 3,500 per sq.ft in 2012, reflecting a 133% increase. However, between 2012 and 2017, the value decreased to Rs 2,345 per sq.ft, which was a decline of 33%. The most recent revision in 2024 set the guideline value at Rs 3,850 per sq.ft, representing a 64% increase from the 2017 figure. It is important to note that the register has no figure for this street for the year 2023.

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, with a median value of Rs 4,400 per sq.ft. The guideline value of Kannagi Street is below this 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, Nehru Nagar: Rs 3,850 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 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty, charged at 7%, would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost to Rs 3,46,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the 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 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 crucial factor during the registration process of property transactions in Velachery. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transfers.

When buying or selling property, the guideline value helps to determine the minimum value at which the property can be registered. This ensures transparency and fairness in property transactions, as it protects both the buyer and the seller by establishing a standard value for the property.

Frequently asked questions

What is the current guideline value of Kannagi Street?

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

How has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 299 per sq.ft to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 1188% over the years.

What are the other streets in Velachery with the same guideline value?

Other streets in Velachery with the same guideline value of Rs 3,850 per sq.ft include Kannagi Street Lane I, Lane II, Lane III, Lane IV, Lane V, and Kannagi Street, Nehru Nagar.

What is the stamp duty for property in Kannagi Street?

The stamp duty for property in Kannagi Street is calculated at 7% of the guideline value. For a 1,000 sq.ft plot, this amounts to Rs 2,69,500.

Which office handles the registration for Kannagi Street?

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