Guideline Value for Kannigapuram 25th Street

Kannigapuram 25th Street guideline value

The current guideline value of Kannigapuram 25th 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 is classified as Residential Class II Type - III.

How the guideline value of Kannigapuram 25th Street has changed

In the 2012 revision, the guideline value was Rs 3,500 per sq.ft. This figure remained the same in the 2012 revision until it decreased to Rs 2,345 per sq.ft in the 2017 revision. Following this, the value saw a significant increase to Rs 3,500 per sq.ft in the 2023 revision, and then rose again to Rs 3,850 per sq.ft in the 2024 revision. There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. The guideline value then increased by 10% from 2023 to 2024. Overall, comparing the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, making the current guideline value of Kannigapuram 25th Street below this median.

• Kannigapuram 24th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 26th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 23rd Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 27th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 22nd Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 28th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Kannigapuram 25th 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 to Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kannigapuram 25th Street?

The Sub Registrar Office covering Kannigapuram 25th 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 during property registration in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the fair value of the property based on location and land classification. This value is particularly important for calculating the applicable stamp duty and registration fees during the transaction process.

Frequently asked questions

What is the current guideline value of Kannigapuram 25th Street?

The current guideline value of Kannigapuram 25th 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 2012 to Rs 2,345 per sq.ft in 2017, then increased to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,850 per sq.ft in 2024.

What is the land classification of Kannigapuram 25th Street?

Kannigapuram 25th Street is classified as Residential Class II Type - III, indicating its suitability for residential development.

What are the stamp duty rates for properties in this area?

The stamp duty rate for properties in the area is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Kannigapuram 25th Street?

The Sub Registrar Office for Kannigapuram 25th Street is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.