Guideline Value for Kannaker Street

Kannaker Street guideline value

The current guideline value of Kannaker Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Peravallur village, under the Sembiam SRO, and is classified as Residential Class I Type - I.

How the guideline value of Kannaker Street has changed

Over the years, the guideline value of Kannaker Street has seen several revisions. The earliest recorded figure is from 2002, where the value was Rs 339 per sq.ft. This increased to Rs 369 per sq.ft in 2003, marking a 9% rise. The value continued to rise significantly, reaching Rs 700 per sq.ft in 2007, which was a 90% increase from the previous revision. In 2012, the guideline value was Rs 2,500 per sq.ft, reflecting a substantial increase of 257% from 2007. However, this value decreased by 33% to Rs 1,675 per sq.ft in 2017. The subsequent revision in 2023 saw a rise to Rs 2,500 per sq.ft, and the latest revision in 2024 has set the value at Rs 2,700 per sq.ft, an 8% increase from the previous year.

The overall change from 2002 to 2024 shows a significant increase of 696%. Notably, there are no figures available for the revisions in years other than those mentioned.

Guideline values in Peravallur

In Peravallur, there are 423 streets under the Sembiam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 7,100 per sq.ft. The median value for these streets is Rs 3,301 per sq.ft, placing Kannaker Street's 2024 figure below that median.

• Kannabiran Koil Street: Rs 2,700 per sq.ft (2024)
• Kandasamy Salai: Rs 2,700 per sq.ft (2024)
• Kannappar Street: Rs 2,700 per sq.ft (2024)
• Kanniappan Street (Vetri Nagar): Rs 3,300 per sq.ft (2024)
• Karthick Street (Vetri Nagar Extension): Rs 3,301 per sq.ft (2024)
• Karthikeyan Salai: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Kannaker Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000. Together, the total cost for stamp duty and registration would be Rs 2,43,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kannaker Street?

Kannaker Street falls under the jurisdiction of the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Peravallur. It determines the minimum value at which a property can be registered. When a buyer purchases a property, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring that all transactions are conducted fairly and transparently.

During the registration process, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property in the current market.

Frequently asked questions

What is the current guideline value of Kannaker Street?

The current guideline value of Kannaker Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly over the years, with the most recent revision in 2024 showing a value of Rs 2,700 per sq.ft compared to Rs 2,500 per sq.ft in 2023.

What is the land classification of Kannaker Street?

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

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is the stamp duty calculated for properties in Kannaker Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 27,00,000 would incur a stamp duty of Rs 1,89,000 at a rate of 7%.