Guideline Value for Kannan Nagar

Kannan Nagar guideline value

The current guideline value of Kannan Nagar is Rs 300 per sq.ft, effective from 1 July 2024. This area is located in Vanchuvancheri village under the Sriperumpudur SRO, classified as Residential Class II Type - I.

How the guideline value of Kannan Nagar has changed

Over the years, the guideline value of Kannan Nagar has seen several revisions. The earliest recorded figure is from 2007, where it was Rs 50 per sq.ft. This increased significantly to Rs 300 per sq.ft in 2012, marking a 500% rise. However, in 2017, the value decreased to Rs 201 per sq.ft, a decline of 33%. The value then rose to Rs 300 per sq.ft in both the 2023 and 2024 revisions, with no change between these two years.

It is important to note that there are no recorded figures for Kannan Nagar in the 2002 and 2003 revisions. The overall change from the 2007 revision to the 2024 revision is an increase of 500%, reflecting the fluctuations in the guideline value over the years.

Guideline values in Vanchuvancheri

In Vanchuvancheri, there are 23 streets under the Sriperumpudur SRO that have a guideline value for 2024, ranging from Rs 200 to Rs 700 per sq.ft. The median value for these streets is Rs 400 per sq.ft, placing Kannan Nagar's 2024 figure below this median.

• Kurunchi Nagar: Rs 300 per sq.ft (2024)
• Mangalam Nagar: Rs 300 per sq.ft (2024)
• Meenakshipuram: Rs 510 per sq.ft (2024)
• Gangaiamman Koil Street: Rs 200 per sq.ft (2024)
• Ganesapuram: Rs 500 per sq.ft (2024)
• Cement Road (Panchayat Road): Rs 300 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 300 per sq.ft, the total guideline value would be Rs 3,00,000. The stamp duty at 7% would amount to Rs 21,000, while the registration fee at 2% would be Rs 6,000, bringing the total fees to Rs 27,000. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kannan Nagar?

Kannan Nagar 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 Vanchuvancheri

The guideline value is a crucial factor when buying or selling property in Vanchuvancheri. It serves as a benchmark for determining the minimum value at which property transactions can be registered. This ensures that the government receives appropriate revenue from stamp duty and registration fees based on the guideline value.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This process helps maintain transparency and fairness in real estate transactions within the region.

Frequently asked questions

What is the current guideline value of Kannan Nagar?

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

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 50 per sq.ft in 2007 to Rs 300 per sq.ft in 2012, then decreasing to Rs 201 per sq.ft in 2017, and finally returning to Rs 300 per sq.ft in 2023 and 2024.

What is the median guideline value in Vanchuvancheri?

The median guideline value in Vanchuvancheri is Rs 400 per sq.ft, with Kannan Nagar's 2024 figure being below this median.

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

For a 1,000 sq.ft plot at the current guideline value, the total fees would amount to Rs 27,000, which includes a stamp duty of Rs 21,000 and a registration fee of Rs 6,000.

Which office handles registrations for Kannan Nagar?

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