Guideline Value for Kannan Nagar

Kannan Nagar guideline value

The current guideline value of Kannan Nagar, located in Salamangalam village under the Sriperumpudur SRO, is Rs 550 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of Kannan Nagar has changed

Over the years, the guideline value for Kannan Nagar has seen several revisions. The 2007 revision set the value at Rs 200 per sq.ft, which increased significantly to Rs 550 per sq.ft in 2012. However, the value dropped to Rs 368 per sq.ft in the 2017 revision, before stabilizing again at Rs 550 per sq.ft in both the 2023 and 2024 revisions.

From 2017 to 2023, there was a notable increase of 49%. The overall change from 2007 to 2024 reflects a substantial increase of 175%. It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Salamangalam

In Salamangalam, there are 59 streets under the Sriperumpudur SRO that carry a 2024 guideline value, ranging from Rs 200 to Rs 3,100 per sq.ft. The median value for these streets is Rs 500 per sq.ft, placing Kannan Nagar's 2024 figure above this median.

• Kannammal Garden: Rs 550 per sq.ft (2024)
• Jaya Chitra Nagar: Rs 200 per sq.ft (2024)
• Ishwarya Nagar Extension: Rs 600 per sq.ft (2024)
• Indhu Nagar Extn: Rs 400 per sq.ft (2024)
• Indhu Nagar: Rs 400 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 400 per sq.ft (2024)

Stamp duty and registration fee for property in Kannan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value would be Rs 5,50,000. The stamp duty at 7% would amount to Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total fees to Rs 49,500. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Kannan Nagar?

The Kannan Nagar area falls under the jurisdiction of the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical component in the registration process of property transactions in Salamangalam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that both the buyer and seller are aware of the financial obligations involved. It is essential to consider this value when engaging in property transactions to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Kannan Nagar?

The current guideline value of Kannan Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 550 per sq.ft in 2012, then dropped to Rs 368 per sq.ft in 2017, and has remained at Rs 550 per sq.ft in both 2023 and 2024.

What is the median guideline value in Salamangalam?

The median guideline value in Salamangalam is Rs 500 per sq.ft, with Kannan Nagar's 2024 figure being above this median.

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

For a property valued at Rs 5,50,000, the stamp duty would be Rs 38,500, and the registration fee would be Rs 11,000, totaling Rs 49,500.

Where is the Sub Registrar Office for Kannan Nagar located?

The Sub Registrar Office covering Kannan Nagar is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.