Guideline Value for Kannigapuram 24th Street

Kannigapuram 24th Street guideline value

The current guideline value of Kannigapuram 24th Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village under the Velacheri SRO, and it falls under the Residential Class II Type - III land classification.

How the guideline value of Kannigapuram 24th Street has changed

The guideline value for Kannigapuram 24th Street has undergone several revisions over the years. The 2012 revision set the value at Rs 3,500 per sq.ft, which was followed by a decrease to Rs 2,345 per sq.ft in the 2017 revision, marking a decline of 33%. Subsequently, the value increased significantly to Rs 3,500 per sq.ft in 2023, and then further rose to Rs 3,850 per sq.ft in the 2024 revision, reflecting an increase of 10% from the previous year.

From the 2012 revision to the 2024 revision, the overall change is an increase of 10%. The register has no figures for the years 2002, 2003, and 2007 for this street, indicating that there were no recorded guideline values during those years.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a guideline value for 2024, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which means that the guideline value of Kannigapuram 24th Street is below this median.

• Kannigapuram 23rd Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 25th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 22nd Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 26th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 21st Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 27th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Kannigapuram 24th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Kannigapuram 24th Street?

The Sub Registrar Office that covers Kannigapuram 24th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Velachery, as it serves as the benchmark for calculating stamp duty and registration fees. Buyers and sellers should be aware that the guideline value is used to determine the minimum value for registration, which can affect the overall transaction costs.

When engaging in property transactions, it is essential to consult the latest guideline values to ensure compliance with local regulations. This helps in avoiding any discrepancies during the registration process at the Velacheri SRO.

Frequently asked questions

What is the current guideline value of Kannigapuram 24th Street?

The current guideline value of Kannigapuram 24th Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, an increase of 10%. The value was Rs 2,345 per sq.ft in 2017, reflecting a significant increase of 49% to 2023.

What is the land classification for Kannigapuram 24th Street?

Kannigapuram 24th Street is classified under Residential Class II Type - III land classification.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Where can I find the Sub Registrar Office for Kannigapuram 24th Street?

The Velacheri Sub Registrar Office covers Kannigapuram 24th Street and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.