Guideline Value for Kannigapuram 29th Street

Kannigapuram 29th Street guideline value

The current guideline value of Kannigapuram 29th 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 29th Street has changed

Over the years, the guideline value of Kannigapuram 29th Street has seen several revisions. The 2012 revision recorded a value of Rs 3,500 per sq.ft, which was followed by a decrease to Rs 2,345 per sq.ft in the 2017 revision. However, this was reversed in the 2023 revision, bringing the value back up to Rs 3,500 per sq.ft, and further increased to Rs 3,850 per sq.ft in the 2024 revision, marking a 10% rise from the previous year.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value. The values range from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value of Kannigapuram 29th Street is below this median.

• Kannigapuram 28th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 2nd Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 27th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 26th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 30th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 25th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Kannigapuram 29th Street

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

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kannigapuram 29th Street?

The Sub Registrar Office that covers Kannigapuram 29th 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 critical factor during property registration in Velachery. It serves as a benchmark for determining the minimum sale price of a property, ensuring that buyers and sellers are aware of the official value set by the government.

When registering a property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the transaction. This ensures that all parties involved are compliant with legal requirements during the property transfer process.

Frequently asked questions

What is the current guideline value of Kannigapuram 29th Street?

The current guideline value of Kannigapuram 29th 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. It was Rs 2,345 per sq.ft in 2017, showing a significant increase of 49% to 2023.

What are the registration fees for property in Kannigapuram 29th Street?

The registration fees include a stamp duty of 7% and a registration fee of 2%. For a property valued at Rs 38,50,000, the total fees would be Rs 3,46,500.

Where is the Sub Registrar Office for Kannigapuram 29th Street?

The Velacheri Sub Registrar Office covers Kannigapuram 29th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Kannigapuram 29th Street?

Kannigapuram 29th Street is classified as Residential Class II Type - III, indicating its intended use for residential purposes.