Guideline Value for Kannaki Nagar 1st Street

Kannaki Nagar 1st Street guideline value

The current guideline value of Kannaki Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village, under the Sembiam SRO, and is classified as Residential Class I Type - I.

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

Over the years, the guideline value of Kannaki Nagar 1st Street has seen significant changes. The earliest revision recorded was in 2007, where the guideline value was Rs 700 per sq.ft. This value increased dramatically to Rs 3,000 per sq.ft in 2012, marking a 329% rise. However, from 2012 to 2023, the guideline value remained unchanged at Rs 3,000 per sq.ft. The most recent revision in 2024 saw another increase to Rs 3,300 per sq.ft, which is a 10% rise from the previous year.

In summary, from 2007 to 2024, the overall increase in the guideline value is 371%. It is important to note that there are no recorded figures for the years 2002, 2003, and 2017 for this street.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO with a 2024 guideline value range from Rs 2,200 to Rs 6,000 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, which is equal to the current guideline value of Kannaki Nagar 1st Street.

• Kannaki Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Kannaki Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Kannaki Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Kannaki Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• Kannaki Street: Rs 2,700 per sq.ft (2024)
• Kambar Nagar 9th Street: Rs 3,300 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be 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 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 Kannaki Nagar 1st Street?

The Sub Registrar Office that covers Kannaki Nagar 1st Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for further assistance.

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

The guideline value is an essential factor in property transactions in Kolathur, as it determines the minimum value at which a property can be registered. When buying or selling property, the registration office uses the guideline value to calculate the applicable stamp duty and registration fees.

It is crucial for buyers and sellers to be aware of the guideline value when negotiating property prices, as it can influence the overall cost of the transaction. Understanding the guideline value helps ensure compliance with legal requirements during the registration process.

Frequently asked questions

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

The current guideline value of Kannaki Nagar 1st 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 significantly from Rs 700 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 371% over the years.

What is the land classification of Kannaki Nagar 1st Street?

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

Where is the Sembiam Sub Registrar Office located?

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

How is stamp duty calculated for properties in Kannaki Nagar 1st Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate would incur a total stamp duty of Rs 2,31,000.