Guideline Value for Kannan Colony 1st Street

Kannan Colony 1st Street guideline value

The current guideline value of Kannan Colony 1st Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Palavanthangal village under the Alandur SRO, classified as Residential Class II Type - II.

How the guideline value of Kannan Colony 1st Street has changed

The guideline value for Kannan Colony 1st Street has seen several revisions over the years. In 2007, the guideline value was Rs 750 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012, marking a 233% rise. However, it decreased to Rs 1,675 per sq.ft in 2017, reflecting a decline of 33%. The value then rose sharply to Rs 2,500 per sq.ft in 2023, and further increased to the current rate of Rs 2,800 per sq.ft in 2024, which is a 12% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 273%.

Guideline values in Palavanthangal

In Palavanthangal, there are 95 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft, with a median value of Rs 3,900 per sq.ft. The guideline value of Kannan Colony 1st Street at Rs 2,800 per sq.ft is below this median.

• Kannan Colony: Rs 2,800 per sq.ft (2024)
• Kannan Colony 2nd Street: Rs 2,800 per sq.ft (2024)
• Kannan Colony 3rd Street: Rs 2,800 per sq.ft (2024)
• Kannan Colony 4th Street: Rs 2,800 per sq.ft (2024)
• Kannan Colony 5th Street: Rs 2,800 per sq.ft (2024)
• Kannaiyaa Street Lane: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Kannan Colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total cost for these fees to Rs 2,52,000. It is important to note that the 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 detailed calculations.

Which Sub Registrar Office covers Kannan Colony 1st Street?

The Kannan Colony 1st Street is covered by the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Palavanthangal. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that transactions are conducted fairly and transparently.

When you register a property, the guideline value is compared to the sale price, and the higher amount is used for calculating the applicable fees. This ensures that the government collects the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kannan Colony 1st Street?

The current guideline value of Kannan Colony 1st Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 750 per sq.ft in 2007 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 273% over the years.

What are the stamp duty and registration fees for properties in Kannan Colony 1st Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft property, the total fees would amount to Rs 2,52,000.

Which office handles registrations for Kannan Colony 1st Street?

The Alandur Sub Registrar Office handles registrations for Kannan Colony 1st Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What is the land classification for Kannan Colony 1st Street?

Kannan Colony 1st Street is classified as Residential Class II Type - II, indicating its suitability for residential development.