Guideline Value for Kannaki Street

Kannaki Street guideline value

The current guideline value of Kannaki Street in Kolathur village, under the Sembiam SRO, is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class II Type - I.

How the guideline value of Kannaki Street has changed

The guideline value of Kannaki Street has experienced several revisions over the years. In 2002, the value was Rs 281 per sq.ft, which increased to Rs 305 per sq.ft in 2003, marking a 9% rise. Following this, the value saw a significant increase to Rs 900 per sq.ft in 2007, reflecting a 195% change. The 2012 revision brought the value to Rs 2,500 per sq.ft, which was a substantial increase of 178% from the previous revision.

From 2012 to 2017, the guideline value decreased to Rs 1,675 per sq.ft, showing a decline of 33%. However, the value rebounded to Rs 2,500 per sq.ft in 2023, which was a 49% increase. The most recent revision in 2024 set the guideline value at Rs 2,700 per sq.ft, representing an 8% rise from the previous year. The register has no figure for the years not mentioned.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. Kannaki Street's 2024 figure is below this median.

• Kannaki Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• Kannaki Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Kannaki Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Kannaki Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Kannaki Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Kambar Nagar 9th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Kannaki Street

For a 1,000 sq.ft plot at the current rate of Rs 2,700 per sq.ft, the guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. 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 Street?

The Sub Registrar Office that covers Kannaki Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is an important factor when buying or selling property in Kolathur. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is essential for calculating the stamp duty and registration fees applicable during the transaction.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Kannaki Street?

The current guideline value of Kannaki Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 281 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 861% over the years.

What is the land classification for Kannaki Street?

Kannaki Street is classified as Residential Class II Type - I, indicating its designated use for residential purposes.

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 Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 27,00,000 would incur a stamp duty of Rs 1,89,000 at 7%.