Guideline Value for Kannaki 1st Cross Street

Kannaki 1st Cross Street guideline value

The current guideline value of Kannaki 1st Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class I Type - III.

How the guideline value of Kannaki 1st Cross Street has changed

In the 2017 revision, the guideline value was Rs 1,675 per sq.ft. This figure increased significantly to Rs 2,500 per sq.ft in the 2023 revision, marking a 49% rise. The current 2024 revision shows a further increase to Rs 2,750 per sq.ft, which is a 10% rise from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. The register does not have figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, which is equal to the 2024 figure for Kannaki 1st Cross Street.

• Kannaki 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Kannaki Cross Street: Rs 2,750 per sq.ft (2024)
• Kannaki Street: Rs 2,750 per sq.ft (2024)
• Kanmalar Pon Nagar/Daniel Street: Rs 2,750 per sq.ft (2024)
• Kanmalar Pon Nagar/Church Street: Rs 2,750 per sq.ft (2024)
• Kanmalar Pon Nagar Arumugam Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Kannaki 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, the total cost for stamp duty and registration fee would be Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Kannaki 1st Cross Street?

The Sub Registrar Office that covers Kannaki 1st Cross 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 Madipakkam-1

The guideline value is a crucial factor in property transactions in Madipakkam-1. It is used to determine the stamp duty and registration fees applicable when a property is bought or sold. This ensures that the transaction is recorded at a value that reflects the official guideline set by the Registration Department.

When registering a property, the guideline value helps in calculating the total costs involved. Buyers and sellers should be aware that the duty is charged based on the higher of the guideline value or the sale price, ensuring compliance with the regulations set forth by the Registration Department.

Frequently asked questions

What is the current guideline value of Kannaki 1st Cross Street?

The current guideline value of Kannaki 1st Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 64% during this period.

What is the land classification for Kannaki 1st Cross Street?

Kannaki 1st Cross Street is classified as Residential Class I Type - III.

What are the stamp duty and registration fees for a property in Kannaki 1st Cross Street?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Where is the Sub Registrar Office for Kannaki 1st Cross Street located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.