Guideline Value for Kannappan street

Kannappan street guideline value

The current guideline value of Kannappan street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Muthialpet village and falls under the Chennai North Joint I SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Kannappan street has changed

Over the years, the guideline value of Kannappan street has seen significant changes. In 2002, the guideline value was Rs 1,625 per sq.ft, which increased to Rs 1,847 per sq.ft in 2003, marking a 14% rise. The value continued to grow, reaching Rs 2,300 per sq.ft in 2007, a 25% increase from the previous revision. However, it then saw a substantial rise to Rs 6,500 per sq.ft in 2012, which was a 183% increase. The value dropped to Rs 4,355 per sq.ft in 2017, a decrease of 33%. In 2023, it increased to Rs 6,500 per sq.ft, and finally, the current value is Rs 7,100 per sq.ft as of the 2024 revision, reflecting a 9% increase from the previous year.

There are no figures available for the revisions in the years not mentioned in the register. The overall increase from the 2002 revision to the 2024 revision is 337%.

Guideline values in Muthialpet

Muthialpet village has a total of 160 streets under the Chennai North Joint I SRO, with guideline values ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median value for these streets is Rs 5,500 per sq.ft, placing Kannappan street's 2024 figure above this median.

• Kandappa street: Rs 3,800 per sq.ft (2024)
• Katchaleeswarar 1st lane: Rs 3,800 per sq.ft (2024)
• Katchaleeswarar 2nd lane: Rs 3,800 per sq.ft (2024)
• Katchaleeswarar 3rd lane: Rs 3,800 per sq.ft (2024)
• Katchaleeswarar Agraharam street: Rs 4,900 per sq.ft (2024)
• Katchaleeswarar Garden street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Kannappan street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty is charged at 7%, which totals Rs 4,97,000, while the registration fee at 2% comes to Rs 1,42,000. Together, these fees amount to Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kannappan street?

The Sub Registrar Office that covers Kannappan street is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Muthialpet, 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 that need to be paid at the time of registration.

When a property is sold, the guideline value is compared with the actual sale price. The higher of the two values is used to calculate the applicable duties and fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kannappan street?

The current guideline value of Kannappan street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 1,625 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 337%.

What is the land classification for Kannappan street?

The land classification for Kannappan street is Residential Class I Type - II.

What are the stamp duty and registration fees for a property on Kannappan street?

For a 1,000 sq.ft plot, the total guideline value is Rs 71,00,000. The stamp duty at 7% is Rs 4,97,000, and the registration fee at 2% is Rs 1,42,000, totaling Rs 6,39,000.

Which office handles the registration for Kannappan street?

The Chennai North Joint I Sub Registrar Office handles the registration for Kannappan street, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.