Guideline Value for Kanniappan Street (Vetri Nagar)

Kanniappan Street (Vetri Nagar) guideline value

The current guideline value of Kanniappan Street (Vetri Nagar) is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Peravallur village under the Sembiam SRO and is classified as Commercial Special Type - II.

How the guideline value of Kanniappan Street (Vetri Nagar) has changed

The guideline value for Kanniappan Street (Vetri Nagar) has seen several revisions over the years. In 2002, the value was Rs 427 per sq.ft, which increased to Rs 465 per sq.ft in 2003. Following this, the value rose significantly to Rs 800 per sq.ft in 2007, reflecting a 72% increase from the previous year. In 2012, the value was recorded at Rs 3,000 per sq.ft, a decrease of 275% from 2007. The 2017 revision saw the value increase to Rs 2,010 per sq.ft, which was a 49% rise from 2012. The most recent revision in 2023 set the value at Rs 3,000 per sq.ft, and the current value as of 2024 is Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

Guideline values in Peravallur

In Peravallur, there are 423 streets under the Sembiam SRO with a guideline value for 2024 ranging from Rs 2,200 to Rs 7,100 per sq.ft. The median value for these streets is Rs 3,301 per sq.ft, placing Kanniappan Street's 2024 figure below that median.

• Kannappar Street: Rs 2,700 per sq.ft (2024)
• Kannaker Street: Rs 2,700 per sq.ft (2024)
• Kannabiran Koil Street: Rs 2,700 per sq.ft (2024)
• Karthick Street (Vetri Nagar Extension): Rs 3,301 per sq.ft (2024)
• Kandasamy Salai: Rs 2,700 per sq.ft (2024)
• Karthikeyan Salai: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Kanniappan Street (Vetri Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Kanniappan Street (Vetri Nagar)?

The Sub Registrar Office that covers Kanniappan Street (Vetri Nagar) is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. For more information, you can find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Peravallur. It is used to determine the stamp duty and registration fees that need to 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 of the two is used to calculate the applicable fees. This ensures that the fees reflect the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Kanniappan Street (Vetri Nagar)?

The current guideline value of Kanniappan Street (Vetri Nagar) is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 427 in 2002 to Rs 3,300 in 2024, reflecting an overall increase of 673% across the years.

What is the land classification for Kanniappan Street (Vetri Nagar)?

Kanniappan Street (Vetri Nagar) is classified as Commercial Special Type - II.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How are stamp duty and registration fees calculated?

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 1,000 sq.ft plot at the current rate, the total guideline value is Rs 33,00,000.