Guideline Value for Kannagi Street

Kannagi Street guideline value

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

How the guideline value of Kannagi Street has changed

The guideline value for Kannagi Street has undergone several revisions over the years. In 2012, the value was set at Rs 2,500 per sq.ft. This figure remained unchanged until the 2017 revision, which saw a decrease to Rs 1,675 per sq.ft. However, from 2017 to 2023, the value increased significantly to Rs 2,500 per sq.ft, marking a 49% rise. The most recent revision in 2024 has set the value at Rs 2,750 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value among these streets is Rs 1,650 per sq.ft, placing Kannagi Street's 2024 figure above this median.

• Kannaiyan Street: Rs 1,650 per sq.ft (2024)
• Kannammal 2nd Street: Rs 1,650 per sq.ft (2024)
• Kannammal Street: Rs 2,750 per sq.ft (2024)
• Kamban Street: Rs 2,750 per sq.ft (2024)
• Karthik Avenue: Rs 1,650 per sq.ft (2024)
• Karthik Avenue Annex: Rs 1,650 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, charged at 7%, would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, resulting in a total of Rs 2,47,500 for these charges. It is essential to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kannagi Street?

The Sub Registrar Office that covers Kannagi Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Chitlapakkam

The guideline value plays a crucial role in the registration process for property transactions in Chitlapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which must be paid during the registration process. This ensures that all transactions are conducted transparently and in accordance with government regulations.

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 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What are the other guideline values in Chitlapakkam?

In Chitlapakkam, the guideline values range from Rs 1,100 to Rs 8,800 per sq.ft, with a median value of Rs 1,650 per sq.ft.

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 property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500.

Where can I find the Sub Registrar Office for Kannagi Street?

The Sub Registrar Office for Kannagi Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.