Guideline Value for Kannan Nagar 1st Street

Kannan Nagar 1st Street guideline value

The current guideline value of Kannan Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village under the Virugambakkam SRO, and the land classification is Residential Class V Type - I.

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

The guideline value for Kannan Nagar 1st Street has seen several revisions over the years. In 2002, the guideline value was Rs 117 per sq.ft. This figure increased to Rs 128 per sq.ft in 2003, marking a 9% rise. The value then surged to Rs 400 per sq.ft in 2007, representing a significant increase of 213%. Following this, the value rose dramatically to Rs 2,000 per sq.ft in 2012, which was a 400% increase from the previous revision. However, it decreased to Rs 1,340 per sq.ft in 2017, a decline of 33%.

In 2023, the guideline value was revised to Rs 2,000 per sq.ft, and it further increased to Rs 2,200 per sq.ft in 2024, reflecting a 10% rise. Overall, from 2002 to 2024, the guideline value has increased by 1780%. The register has no figure for this street for the years not mentioned above.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft, with a median value of Rs 3,050 per sq.ft. Kannan Nagar 1st Street's 2024 figure is below this median.

• Kannan Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Kannan Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Kannan Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Kannan Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• Kannan Nagar (Vadaveni Amman Nagar) Main Road: Rs 2,200 per sq.ft (2024)
• Kannappa Nagar: Rs 2,200 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, resulting in a total of Rs 1,98,000. It is important to note that 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 Kannan Nagar 1st Street?

The Sub Registrar Office that covers Kannan Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Maduravoyal. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is used to calculate the fees, ensuring that the government receives the appropriate revenue from property transactions. Buyers and sellers should be aware of these values to understand the financial implications of their property dealings.

Frequently asked questions

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

The current guideline value of Kannan Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 117 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, representing an overall increase of 1780% over this period.

What is the registration office for Kannan Nagar 1st Street?

The registration office for Kannan Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What are the stamp duty and registration fees for a property in Kannan Nagar 1st Street?

For a property valued at Rs 22,00,000, the stamp duty is Rs 1,54,000 and the registration fee is Rs 44,000, totaling Rs 1,98,000.

How is the guideline value used in property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. It ensures that the appropriate revenue is collected by the government based on the property's value.