Guideline Value for Kanniga Nagar Road

Kanniga Nagar Road guideline value

The current guideline value of Kanniga Nagar Road is Rs 3,300 per sq.ft, effective from 1 July 2024. This road is located in Virugambakkam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Kanniga Nagar Road has changed

The guideline value for Kanniga Nagar Road has seen several revisions over the years. In 2002, the value was Rs 500 per sq.ft. This increased to Rs 554 per sq.ft in 2003, marking an 11% rise. The value then rose to Rs 750 per sq.ft in 2007, which was a significant increase of 35%. Following that, the value jumped dramatically to Rs 3,000 per sq.ft in 2012, reflecting a 300% increase. However, it decreased to Rs 2,010 per sq.ft in 2017, showing a decline of 33%. The value then rose again to Rs 3,000 per sq.ft in 2023, and most recently, it increased to Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 560%. There are no figures available for the revisions of years not mentioned in the register for this street.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value of Kanniga Nagar Road at Rs 3,300 per sq.ft is below this median.

• Kanniga Nagar: Rs 3,300 per sq.ft (2024)
• Kanniyamman Koil Street: Rs 3,300 per sq.ft (2024)
• Karumari Street: Rs 2,750 per sq.ft (2024)
• Kambar Nagar & Kambar Nagar Extension(Ayyavupuram): Rs 3,300 per sq.ft (2024)
• Kasthuri Street (Tharachand Nagar): Rs 3,300 per sq.ft (2024)
• Kamaraj Road: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Kanniga Nagar Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration fee would be 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.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kanniga Nagar Road?

The Sub Registrar Office that covers Kanniga Nagar Road 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 Virugambakkam

The guideline value plays a crucial role in the registration process when buying or selling property in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of this value to ensure compliance with local regulations during the transaction.

Additionally, the guideline value is used to calculate the stamp duty and registration fees, which are essential costs associated with property transactions. Understanding the guideline value helps in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Kanniga Nagar Road?

The current guideline value of Kanniga Nagar Road 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 increased from Rs 500 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 560% over the years.

What is the land classification for Kanniga Nagar Road?

The land classification for Kanniga Nagar Road is Residential Class IV Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the guideline value or sale price.

Where is the Sub Registrar Office for Kanniga Nagar Road located?

The Sub Registrar Office for Kanniga Nagar Road is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037, under the Virugambakkam registration zone.