Guideline Value for Kanniga Nagar

Kanniga Nagar guideline value

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

How the guideline value of Kanniga Nagar has changed

The guideline value for Kanniga Nagar has seen several revisions over the years. In 2002, the guideline value was Rs 500 per sq.ft. This increased to Rs 554 per sq.ft in 2003, marking an 11% rise. The value continued to climb, reaching Rs 750 per sq.ft in 2007, which was a significant 35% increase from the previous year. By 2012, the figure rose dramatically to Rs 3,000 per sq.ft, reflecting a 300% increase. However, this was followed by a decrease to Rs 2,010 per sq.ft in 2017, a drop of 33%.

In 2023, the guideline value increased to Rs 3,000 per sq.ft, and in the latest revision for 2024, it stands at Rs 3,300 per sq.ft, showing a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 560%.

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 for Kanniga Nagar is below this median.

• Kanniga Nagar Road: 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

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 be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. Please 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 Kanniga Nagar?

The Sub Registrar Office that covers Kanniga Nagar 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 stamp duty and registration fees that need to be paid at the time of registration.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Kanniga Nagar?

The current guideline value of Kanniga 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 seen several revisions, increasing from Rs 500 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, which is an overall increase of 560%.

What is the land classification of Kanniga Nagar?

Kanniga Nagar is classified as Residential Class IV Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property in Kanniga Nagar?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total cost would be Rs 2,97,000.

Where is the Sub Registrar Office for Kanniga Nagar located?

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