Guideline Value for Kannaiya Street

Kannaiya Street guideline value

The current guideline value for Kannaiya Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Nanganallur village under the Alandur SRO, classified as Residential Class I Type - III.

How the guideline value of Kannaiya Street has changed

The guideline value for Kannaiya Street has seen several revisions over the years. Starting with the 2002 revision, the value was Rs 455 per sq.ft, which increased to Rs 517 per sq.ft in 2003. The following revisions showed a significant rise, with the 2007 revision marking Rs 1,200 per sq.ft, a 132% increase from the previous figure. In 2012, the value remained at Rs 3,000 per sq.ft, which was a 150% increase from 2007. However, it dropped by 33% to Rs 2,010 per sq.ft in 2017.

From 2017 to 2023, the guideline value rose by 49% to Rs 3,000 per sq.ft. The latest revision in 2024 has further increased the value by 10% to Rs 3,300 per sq.ft. There are no figures available for the years not mentioned in the register.

Guideline values in Nanganallur

In Nanganallur, there are 155 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 6,600 per sq.ft, with a median of Rs 3,900 per sq.ft. The guideline value for Kannaiya Street is below this median.

• Kanagammal Street: Rs 3,300 per sq.ft (2024)
• Kanagammal Colony: Rs 4,400 per sq.ft (2024)
• Kadhar Thottam: Rs 3,300 per sq.ft (2024)
• Joseph Street First Street: Rs 4,400 per sq.ft (2024)
• Joseph 2nd Street: Rs 4,400 per sq.ft (2024)
• Joseph 1st Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Kannaiya Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to 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 further assistance.

Which Sub Registrar Office covers Kannaiya Street?

The Sub Registrar Office covering Kannaiya Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Nanganallur. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these charges are based on a standardized value rather than individual sale prices.

When buying or selling property, the guideline value is used to determine the official valuation of the property. This valuation is essential for the legal documentation and transfer of ownership, making it a key factor in real estate transactions.

Frequently asked questions

What is the current guideline value of Kannaiya Street?

The current guideline value of Kannaiya 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 from Rs 455 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting a significant overall increase of 625% over the years.

What is the land classification for Kannaiya Street?

Kannaiya Street is classified as Residential Class I Type - III, indicating its suitability for residential development.

Where can I find the registration office for Kannaiya Street?

The registration office for Kannaiya Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is stamp duty calculated for properties in Nanganallur?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 33,00,000 would incur a stamp duty of Rs 2,31,000 at the rate of 7%.