Guideline Value for Kannagi Street

Kannagi Street guideline value

The current guideline value of Kannagi Street is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village, under the Selaiyur SRO, and is classified as Residential Special Type - II.

How the guideline value of Kannagi Street has changed

Over the years, the guideline value of Kannagi Street has seen several revisions. The 2012 revision set the value at Rs 3,500 per sq.ft, which remained unchanged in the 2017 revision. However, in 2017, the value dropped to Rs 2,345 per sq.ft. The 2023 revision increased the value to Rs 3,500 per sq.ft, and the latest revision in 2024 raised it further to Rs 3,800 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

From the 2012 revision to the 2024 revision, the overall change is an increase of 9%. Notably, the change from the 2023 to 2024 revision is an increase of 9%, while the change from 2017 to 2023 is a significant increase of 49%. The 2012 to 2017 period saw a decrease of 33% in the guideline value.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO, with guideline values for 2024 ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value in this village is Rs 2,400 per sq.ft, placing Kannagi Street's 2024 figure above that median.

• Kannadasan Street: Rs 1,600 per sq.ft (2024)
• Kannadasan Avenue: Rs 1,600 per sq.ft (2024)
• Karigalan 1st Street: Rs 1,600 per sq.ft (2024)
• Karigalan 2nd Street: Rs 1,600 per sq.ft (2024)
• Karigalan Street: Rs 1,600 per sq.ft (2024)
• Karpagam Avenue: Rs 1,700 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 3,800 per sq.ft, the total guideline value amounts to Rs 38,00,000. The stamp duty at 7% would be Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, making the total cost for these fees Rs 3,42,000. It is important to note that 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 details.

Which Sub Registrar Office covers Kannagi Street?

The Sub Registrar Office that covers Kannagi Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madambakkam. It serves as a benchmark for calculating the stamp duty and registration fees, which are mandatory for property transactions. Buyers and sellers must consider the guideline value to ensure compliance with local regulations.

When a property is sold, the buyer is required to pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions, reflecting the property's value as determined by the guideline value register.

Frequently asked questions

What is the current guideline value of Kannagi Street?

The current guideline value of Kannagi Street is Rs 3,800 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, then increased to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,800 per sq.ft in 2024.

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

For a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000, and the registration fee would be Rs 76,000, totaling Rs 3,42,000.

Which Sub Registrar Office covers Kannagi Street?

Kannagi Street is covered by the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

What is the land classification of Kannagi Street?

Kannagi Street is classified as Residential Special Type - II, indicating its purpose for residential development within the area.