Guideline Value for Kannan Nagar 5th Street

Kannan Nagar 5th Street guideline value

The current guideline value of Kannan Nagar 5th 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 is classified as Residential Class V Type - I.

How the guideline value of Kannan Nagar 5th Street has changed

The guideline value for Kannan Nagar 5th Street has undergone several revisions since 2002. The register shows that in 2002, the value was Rs 117 per sq.ft, which increased to Rs 128 per sq.ft in 2003, marking a change of +9%. The value then saw a significant rise to Rs 400 per sq.ft in 2007, an increase of +213%. Following this, the value jumped to Rs 2,000 per sq.ft in 2012, reflecting a substantial increase of +400%. However, from 2012 to 2017, the value decreased to Rs 1,340 per sq.ft, a drop of -33%. The value then increased to Rs 2,000 per sq.ft in 2023, which was a rise of +49%. Currently, the value stands at Rs 2,200 per sq.ft as of the 2024 revision, showing an increase of +10% from the previous year.

There are no figures available for the years not listed in the register for Kannan Nagar 5th Street.

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. The guideline value for Kannan Nagar 5th Street is below this median.

• Kannan Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Kannan Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Kannan Nagar (Vadaveni Amman Nagar) Main Road: Rs 2,200 per sq.ft (2024)
• Kannan Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Kannan Nagar 1st Street: 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 5th 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 amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total cost Rs 1,98,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kannan Nagar 5th Street?

The Kannan Nagar 5th Street falls under the jurisdiction of 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 when registering property transactions in Maduravoyal. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, it is essential to be aware of the guideline value, as it can affect the overall cost of the transaction. Buyers and sellers should ensure that the sale price is not below the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Kannan Nagar 5th Street?

The current guideline value of Kannan Nagar 5th 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%.

What is the land classification for Kannan Nagar 5th Street?

Kannan Nagar 5th Street is classified as Residential Class V Type - I.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

Which office do I need to visit for registration?

The registration for Kannan Nagar 5th Street is handled by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.