Guideline Value for Kannan Nagar (Ward-19)

Kannan Nagar (Ward-19) guideline value

The current guideline value of Kannan Nagar (Ward-19) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Kannan Nagar (Ward-19) has changed

The guideline value of Kannan Nagar has seen several revisions over the years. The 2017 revision set the value at Rs 804 per sq.ft, which increased to Rs 1,200 per sq.ft in the 2023 revision. The most recent revision in 2024 has further increased the value to Rs 1,300 per sq.ft, marking an 8% rise from the previous year. The overall change from 2017 to 2024 is a significant increase of 62%.

It is important to note that the register has no figure for Kannan Nagar for the years 2002, 2003, 2007, and 2012. The changes between the revisions illustrate a substantial growth in the guideline value over the years, particularly from 2017 to 2023, which saw a 49% increase.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a guideline value for 2024, ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. Kannan Nagar (Ward-19) is below this median value.

• Kannan Nagar 2nd st (Ward No.19): Rs 1,300 per sq.ft (2024)
• Kannan Nagar 1st st (Ward No.19): Rs 1,300 per sq.ft (2024)
• Kannakan Chatiram (Ponniamman Medu): Rs 1,600 per sq.ft (2024)
• Kannapuram Nagar: Rs 1,300 per sq.ft (2024)
• Kannapuram (Ward No.18): Rs 1,300 per sq.ft (2024)
• Kanniammal Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Kannan Nagar (Ward-19)

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the guideline value amounts to Rs 13,00,000. The stamp duty is charged at 7%, which totals Rs 91,000, and the registration fee at 2% amounts to Rs 26,000. Together, the total cost for these fees is Rs 1,17,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kannan Nagar (Ward-19)?

Kannan Nagar (Ward-19) falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Madhavaram. It is used to determine the stamp duty and registration fees payable during the sale or purchase of property. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements and to accurately calculate the associated costs.

When registering a property, the guideline value is the basis for calculating the fees. It is essential to verify the current guideline value to avoid any discrepancies during the registration process, ensuring a smooth transaction.

Frequently asked questions

What is the current guideline value of Kannan Nagar (Ward-19)?

The current guideline value of Kannan Nagar (Ward-19) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 804 per sq.ft in 2017 to Rs 1,200 per sq.ft in 2023, and now to Rs 1,300 per sq.ft in 2024. This marks an overall increase of 62% from 2017 to 2024.

What are the stamp duty and registration fees for properties in Kannan Nagar?

For a property valued at Rs 13,00,000, the stamp duty is Rs 91,000, and the registration fee is Rs 26,000, totaling Rs 1,17,000. These fees are based on the guideline value or sale price, whichever is higher.

Which Sub Registrar Office is responsible for Kannan Nagar?

The Madhavaram Sub Registrar Office covers Kannan Nagar (Ward-19), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for Kannan Nagar?

Kannan Nagar is classified as Residential Class III Type - I, indicating its designation for residential use within the area.