Guideline Value for Kannaki Street

Kannaki Street guideline value

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

How the guideline value of Kannaki Street has changed

The guideline value for Kannaki Street has undergone several revisions over the years. In 2007, the value was Rs 250 per sq.ft, which increased significantly to Rs 2,100 per sq.ft in 2012, marking a rise of 740%. However, in 2017, the value dropped to Rs 1,407 per sq.ft, a decrease of 33%. The value then increased to Rs 2,100 per sq.ft in 2023, reflecting a 49% rise, and further increased to Rs 2,310 per sq.ft in 2024, which is a 10% increase from the previous year. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

Overall, from 2007 to 2024, the guideline value has increased by 824%. This consistent increase highlights the changing valuation of properties in this area over the years.

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, with the median value being Rs 2,310 per sq.ft. The guideline value of Kannaki Street aligns with this median.

• Kannaki Street and Nagar: 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

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

Which Sub Registrar Office covers Kannaki Street?

The Sub Registrar Office that covers Kannaki Street 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 information.

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

The guideline value is a critical factor during the registration of property transactions in Perungalathur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. It is essential for buyers to be aware of this value to ensure they are paying a fair price and for sellers to set realistic expectations regarding the sale of their property.

Frequently asked questions

What is the current guideline value of Kannaki Street?

The current guideline value of Kannaki Street 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 250 per sq.ft in 2007 to Rs 2,310 per sq.ft in 2024, marking an overall increase of 824% over the years.

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

The total stamp duty for a property valued at Rs 23,10,000 is Rs 1,61,700, and the registration fee is Rs 46,200, totaling Rs 2,07,900.

Which office handles property registrations for Kannaki Street?

The Padappai Sub Registrar Office handles property registrations for Kannaki Street, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

What is the land classification for Kannaki Street?

Kannaki Street falls under the Residential Class II Type - I land classification, which is relevant for property transactions and valuations.