Guideline Value for Kannaki Street and Nagar

Kannaki Street and Nagar guideline value

The current guideline value of Kannaki Street and Nagar in Perungalathur village is Rs 2,310 per sq.ft, effective from 1 July 2024. This area falls under the Padappai SRO and is classified as Residential Class II Type - I.

How the guideline value of Kannaki Street and Nagar has changed

Over the years, the guideline value for Kannaki Street and Nagar has undergone several revisions. The most recent revision took place in 2024, setting the value at Rs 2,310 per sq.ft, which represents a 10% increase from Rs 2,100 per sq.ft in the 2023 revision. Prior to that, in 2017, the value was Rs 1,407 per sq.ft, marking a significant increase of 49% over the six years leading up to 2023. The 2012 revision also listed the value at Rs 2,100 per sq.ft, but this was a decrease of 33% from the 2017 figure. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value.

It is important to note that there are no registered figures for Kannaki Street and Nagar in the years 2002, 2003, and 2007. This absence of data means that the values for these years are not available for reference.

Guideline values in Perungalathur

In Perungalathur, there are 411 streets under the Padappai SRO that carry a 2024 guideline value, ranging from Rs 1,320 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,310 per sq.ft, which is the same as the guideline value for Kannaki Street and Nagar.

• Kannaki Street: Rs 2,310 per sq.ft (2024)
• Kannammal Street: Rs 3,740 per sq.ft (2024)
• Kannan Avenue: Rs 3,960 per sq.ft (2024)
• Kannan Avenue Stage-5: Rs 1,980 per sq.ft (2024)
• Kannadasan Street: Rs 2,310 per sq.ft (2024)
• Kambar Street: Rs 1,980 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,310 per sq.ft, the total guideline value amounts to Rs 23,10,000. The stamp duty at 7% would be Rs 1,61,700, and the registration fee at 2% would be Rs 46,200, bringing the total cost to Rs 2,07,900. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kannaki Street and Nagar?

The Sub Registrar Office that covers Kannaki Street and Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Perungalathur. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the transaction is recorded at a value that reflects the current market conditions.

When buying or selling property, the guideline value influences the stamp duty and registration fees that must be paid. These fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kannaki Street and Nagar?

The current guideline value of Kannaki Street and Nagar is Rs 2,310 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,100 per sq.ft in 2023 to Rs 2,310 per sq.ft in 2024. It was Rs 1,407 per sq.ft in 2017 and Rs 2,100 per sq.ft in 2012.

What is the land classification for Kannaki Street and Nagar?

Kannaki Street and Nagar is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where is the Sub Registrar Office located?

The Padappai Sub Registrar Office is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 23,10,000, the stamp duty at 7% would be Rs 1,61,700.