Guideline Value for Kannan Street

Kannan Street guideline value

The current guideline value of Kannan Street, located in Parangimalai village, is Rs 3,850 per sq.ft as per the 2024 revision effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - I.

How the guideline value of Kannan Street has changed

Over the years, the guideline value of Kannan Street has seen significant changes. In 2002, the value was Rs 236 per sq.ft, which increased to Rs 320 per sq.ft in 2003, marking a rise of 36%. Following this, the value surged to Rs 750 per sq.ft in 2007, reflecting a substantial increase of 134%. The 2012 revision brought the value to Rs 3,500 per sq.ft, which was a 367% increase from the previous revision. However, in 2017, the value decreased to Rs 2,345 per sq.ft, a drop of 33%. The guideline value then climbed to Rs 3,500 per sq.ft in 2023, before reaching the current value of Rs 3,850 per sq.ft in 2024, which is a 10% increase.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2002 to 2024, the guideline value has increased by 1,531%.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft, with the median value being Rs 3,850 per sq.ft. Kannan Street's 2024 figure is equal to this median.

• Kannagi Street: Rs 3,300 per sq.ft (2024)
• Karaiyar Koil Street: Rs 2,750 per sq.ft (2024)
• Kambar Street: Rs 3,300 per sq.ft (2024)
• Karpaga Vinayagar Koil Street: Rs 2,750 per sq.ft (2024)
• Kasi Vishwanathar Street: Rs 3,300 per sq.ft (2024)
• Kamarajar Street (Kalaignar Nagar): Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Kannan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees together to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Kannan Street?

Kannan Street is covered by the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Parangimalai, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees, which are mandatory during the property transaction process.

When a property is sold, the guideline value serves as a benchmark for both the buyer and seller. It ensures that the transaction is recorded at a value that is recognized by the government, thus facilitating a transparent and legal transfer of ownership.

Frequently asked questions

What is the current guideline value of Kannan Street?

The current guideline value of Kannan Street is Rs 3,850 per sq.ft as per the 2024 revision effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 236 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, with various increases and decreases over the years.

What is the classification of Kannan Street?

Kannan Street is classified as Residential Class II Type - I under the Chennai South Joint II SRO.

Where can I find the Sub Registrar Office for Kannan Street?

The Sub Registrar Office for Kannan Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for properties in Kannan Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 38,50,000 would incur a stamp duty of Rs 2,69,500 at 7%.