Guideline Value for Kannigapuram 7th Street

Kannigapuram 7th Street guideline value

The current guideline value of Kannigapuram 7th 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 7th Street has changed

Over the years, the guideline value for Kannigapuram 7th Street has experienced several revisions. The 2012 revision set the value at Rs 3,500 per sq.ft, which then decreased to Rs 2,345 per sq.ft in 2017. Following this, the 2023 revision increased the value to Rs 3,500 per sq.ft, and the latest revision in 2024 raised it to Rs 3,850 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. The most recent change from 2023 to 2024 reflects a 10% increase. Overall, when considering the period from 2012 to 2024, 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 guideline value for these streets is Rs 4,400 per sq.ft, placing Kannigapuram 7th Street's 2024 figure below that median.

• Kannigapuram 6th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 8th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 5th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 9th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 4th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 3rd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Kannigapuram 7th 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 charges 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 7th Street?

The Sub Registrar Office covering Kannigapuram 7th 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 in property transactions in Velachery. It serves as a benchmark for determining the minimum value at which properties can be registered. When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the transaction is officially recorded at a value that reflects the local real estate market.

During the registration process, buyers and sellers must be aware that the guideline value may differ from the actual sale price. The authorities will charge the stamp duty based on the higher of the two values, ensuring compliance with regulations and accurate documentation of the property transaction.

Frequently asked questions

What is the current guideline value of Kannigapuram 7th Street?

The current guideline value of Kannigapuram 7th 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 significantly from Rs 3,500 in 2012 to Rs 2,345 in 2017, then back to Rs 3,500 in 2023, and finally to Rs 3,850 in 2024. There are no figures available for the years 2002, 2003, and 2007.

What is the land classification of Kannigapuram 7th Street?

Kannigapuram 7th Street falls under the Residential Class II Type - III land classification, indicating its use for residential purposes.

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

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total guideline value would be Rs 38,50,000, leading to a stamp duty of Rs 2,69,500 and a registration fee of Rs 77,000.

Where can I find the Sub Registrar Office for Kannigapuram 7th Street?

The Sub Registrar Office for Kannigapuram 7th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.