Guideline Value for Kannan Nagar 3rd Street

Kannan Nagar 3rd Street guideline value

The current guideline value of Kannan Nagar 3rd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class V Type - I.

How the guideline value of Kannan Nagar 3rd Street has changed

The guideline value for Kannan Nagar 3rd Street has undergone several revisions over the years. In 2002, the guideline value was Rs 117 per sq.ft, which increased to Rs 128 per sq.ft in 2003. Following this, the value saw a significant rise to Rs 400 per sq.ft in 2007, and then it further increased to Rs 2,000 per sq.ft in 2012. However, there was a decrease to Rs 1,340 per sq.ft in 2017. The value then rose again to Rs 2,000 per sq.ft in 2023 and is now Rs 2,200 per sq.ft in 2024.

The changes between these revisions are notable. From 2002 to 2024, the overall increase is +1780%. The jump from 2017 to 2023 was +49%, while there was a decrease of -33% from 2012 to 2017. The most significant increase occurred between 2007 and 2012, with a rise of +400%, and from 2003 to 2007, the increase was +213%.

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. The median guideline value for these streets is Rs 3,050 per sq.ft, placing Kannan Nagar 3rd Street's current value below that median.

• Kannan Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Kannan Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Kannan Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• Kannan Nagar 1st 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 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value is 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, bringing the total costs to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more information on these costs.

Which Sub Registrar Office covers Kannan Nagar 3rd Street?

The Kannan Nagar 3rd Street falls under the jurisdiction of the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. For more details, you can find your SRO.

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 that need to be paid during the transaction.

When a property is sold, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable duties and fees, ensuring that the transaction is registered correctly according to the prevailing regulations.

Frequently asked questions

What is the current guideline value of Kannan Nagar 3rd Street?

The current guideline value of Kannan Nagar 3rd 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, reflecting an overall increase of +1780% over the years.

What is the median guideline value in Maduravoyal?

The median guideline value for streets in Maduravoyal is Rs 3,050 per sq.ft, making Kannan Nagar 3rd Street's current value below this median.

What are the stamp duty and registration fees for Kannan Nagar 3rd Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 22,00,000, leading to a stamp duty of Rs 1,54,000 and a registration fee of Rs 44,000, totaling Rs 1,98,000.

Which office handles the registration for Kannan Nagar 3rd Street?

The Virugambakkam Sub Registrar Office at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037, is responsible for handling registrations for Kannan Nagar 3rd Street.