Guideline Value for Kannaki Street

Kannaki Street guideline value

The current guideline value of Kannaki Street in Neelankarai village, under the Neelankarai SRO, is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class III Type - I.

How the guideline value of Kannaki Street has changed

Over the years, the guideline value of Kannaki Street has undergone several revisions. The earliest recorded figure is from 2002, where the guideline value was Rs 93 per sq.ft. This increased to Rs 102 per sq.ft in 2003, marking a 10% rise. The value then saw a significant increase to Rs 500 per sq.ft in 2007, which is a 390% change. In 2012, the guideline value was Rs 1,500 per sq.ft, reflecting a 200% increase from the previous revision. However, it dropped to Rs 1,005 per sq.ft in 2017, a decrease of 33%.

From 2017 to 2023, the guideline value increased by 49%, reaching Rs 1,500 per sq.ft. The most recent revision in 2024 set the value at Rs 1,700 per sq.ft, a 13% increase from the previous year. It is important to note that the register has no figures for this street in the years not mentioned above.

Guideline values in Neelankarai

In Neelankarai, there are 377 streets under the Neelankarai SRO, with guideline values for 2024 ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, making the current value of Kannaki Street below that median.

• Kambar Street: Rs 1,700 per sq.ft (2024)
• Kamaraj Street: Rs 1,700 per sq.ft (2024)
• Kamaraj Nagar: Rs 2,200 per sq.ft (2024)
• Kamarajar Street: Rs 1,700 per sq.ft (2024)
• Kathiravan Salai: Rs 4,400 per sq.ft (2024)
• Kalyani Nagar (near Vaidyalingam Salai): Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Kannaki Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would amount to Rs 1,19,000, while the registration fee at 2% would be Rs 34,000. Together, these fees would total Rs 1,53,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Kannaki Street?

The Sub Registrar Office that covers Kannaki Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property in Neelankarai. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees. Buyers and sellers must be aware of the current guideline value to understand the financial implications of their transactions.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. This ensures transparency in property transactions and helps in maintaining a standard valuation across different properties in the area.

Frequently asked questions

What is the current guideline value of Kannaki Street?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 93 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, showing an overall increase of 1728% over the years.

What is the land classification of Kannaki Street?

Kannaki Street is classified as Residential Class III Type - I, which indicates its designation for residential purposes.

What are the stamp duty and registration fees for property in Kannaki Street?

The stamp duty is charged at 7%, and the registration fee is charged at 2% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Kannaki Street located?

The Sub Registrar Office for Kannaki Street is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.