Guideline Value for Kannan Colony 2nd Street

Kannan Colony 2nd Street guideline value

The current guideline value of Kannan Colony 2nd 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 2nd Street has changed

The guideline value for Kannan Colony 2nd Street has seen several revisions over the years. The earliest recorded figure is from 2007, at Rs 750 per sq.ft. This increased significantly to Rs 2,500 per sq.ft in 2012, marking a rise of 233%. However, in 2017, the value dropped to Rs 1,675 per sq.ft, a decrease of 33%. The value then rose sharply 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 2,800 per sq.ft, reflecting a 12% increase from the previous year.

The register has no figures for the years 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. The median guideline value in this area is Rs 3,900 per sq.ft, placing Kannan Colony 2nd Street's 2024 figure below this median.

• Kannan Colony 1st Street: Rs 2,800 per sq.ft (2024)
• Kannan Colony 3rd Street: Rs 2,800 per sq.ft (2024)
• Kannan Colony: 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 2nd 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, totaling Rs 2,52,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Kannan Colony 2nd Street?

The Sub Registrar Office that covers Kannan Colony 2nd Street is 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 when buying or selling property in Palavanthangal. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions. Buyers and sellers must consider the guideline value to comply with legal requirements during the registration process.

When registering a property, the guideline value helps determine the minimum value at which the property can be sold. This ensures transparency and fairness in property transactions, as the guideline value reflects the official valuation set by the government.

Frequently asked questions

What is the current guideline value of Kannan Colony 2nd Street?

The current guideline value of Kannan Colony 2nd 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 significantly 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 property in Kannan Colony 2nd Street?

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

Which Sub Registrar Office covers Kannan Colony 2nd Street?

The Alandur Sub Registrar Office covers Kannan Colony 2nd Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How does the guideline value affect property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. It serves as a minimum value for property sales, ensuring compliance with legal requirements and transparency in the market.