Guideline Value for Kanniappa Street

Kanniappa Street guideline value

The current guideline value of Kanniappa Street in Maduravoyal village, under the Virugambakkam SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class V Type - I.

How the guideline value of Kanniappa Street has changed

The guideline value for Kanniappa Street has seen several revisions over the years. Starting from Rs 194 per sq.ft in 2002, it increased to Rs 213 per sq.ft in 2003, marking a 10% rise. The value then saw a significant jump to Rs 400 per sq.ft in 2007, an increase of 88%. Following this, the value surged to Rs 2,000 per sq.ft in 2012, representing a remarkable 400% increase. However, it dropped to Rs 1,340 per sq.ft in 2017, a decrease of 33%. The guideline value then rose to Rs 2,000 per sq.ft in 2023, followed by the current rate of Rs 2,200 per sq.ft from July 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,034%. There are no figures available for the revisions in years not listed in the register.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,050 per sq.ft, with a median value of Rs 3,050 per sq.ft. Kanniappa Street's current guideline value is below this median.

• Kanthasamy Nagar 10th Street: Rs 2,200 per sq.ft (2024)
• Kanthasamy Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Kanthasamy Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Kanthasamy Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Kanthasamy Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Kanthasamy Nagar 5th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Kanniappa Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000. Together, the total cost for these fees would be Rs 1,98,000. It is important to note that the 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 more details.

Which Sub Registrar Office covers Kanniappa Street?

The Sub Registrar Office that covers Kanniappa Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Maduravoyal. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property in the area.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kanniappa Street?

The current guideline value of Kanniappa Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 194 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 1,034% over the years.

What is the land classification for Kanniappa Street?

Kanniappa Street is classified as Residential Class V Type - I, which indicates its designation for residential use.

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

The Sub Registrar Office for Kanniappa Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How are stamp duty and registration fees calculated for properties in Kanniappa Street?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 22,00,000, the total fees would amount to Rs 1,98,000.