Guideline Value for Kanniah Naidu Street

Kanniah Naidu Street guideline value

The current guideline value of Kanniah Naidu Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet SRO, classified as Residential Special Type - II.

How the guideline value of Kanniah Naidu Street has changed

The guideline value for Kanniah Naidu Street has evolved significantly over the years. In the 2007 revision, the value was Rs 1,700 per sq.ft, which increased to Rs 5,000 per sq.ft in the 2012 revision. However, this value dropped to Rs 3,350 per sq.ft in the 2017 revision. The 2023 revision saw a substantial increase to Rs 5,000 per sq.ft, followed by a rise to Rs 5,500 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2007 to 2024, the overall increase in the guideline value is 224%. The changes between revisions include a 194% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, and a 49% increase from 2017 to 2023. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value of Kanniah Naidu Street is above this median.

• Kandappan Street: Rs 6,000 per sq.ft (2024)
• Kandappa Mudali Street: Rs 4,400 per sq.ft (2024)
• Kandappa Chetty Street: Rs 6,000 per sq.ft (2024)
• Kanda Murthy Ayappan Street: Rs 4,900 per sq.ft (2024)
• Kancheepuram Sabapathi Mudali Street: Rs 4,900 per sq.ft (2024)
• Karupannan Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Kanniah Naidu Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kanniah Naidu Street?

The Sub Registrar Office that covers Kanniah Naidu Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Muthiyalpet. It determines the amount of stamp duty and registration fees that need to be paid, which are calculated based on the higher of the guideline value or the sale price.

When a property is registered, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. Buyers and sellers must be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Kanniah Naidu Street?

The current guideline value of Kanniah Naidu Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, from Rs 1,700 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, marking a significant increase over the years.

What is the land classification for Kanniah Naidu Street?

Kanniah Naidu Street is classified as Residential Special Type - II under the guideline value register.

Where can I find the Sowcarpet Sub Registrar Office?

The Sowcarpet Sub Registrar Office is located at No.11, Davidson Street, Sowcarpet, Chennai-01, Chennai registration zone.

How is the stamp duty calculated for properties in Kanniah Naidu Street?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher. For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000.