Guideline Value for Kannigapuram 8th Street

Kannigapuram 8th Street guideline value

The current guideline value of Kannigapuram 8th 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 8th Street has changed

The guideline value for Kannigapuram 8th Street has seen several revisions over the years. The 2012 revision set the value at Rs 3,500 per sq.ft, which was then reduced to Rs 2,345 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 3,500 per sq.ft, and the most recent 2024 revision has further raised it to Rs 3,850 per sq.ft.

Between these revisions, the changes were significant. From 2012 to 2017, the value decreased by 33%. However, from 2017 to 2023, it increased by 49%, and from 2023 to 2024, there was a 10% rise. Overall, 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 with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, where the median value is Rs 4,400 per sq.ft. Kannigapuram 8th Street's 2024 figure is below this median.

• Kannigapuram 7th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 9th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 6th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 5th 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 8th 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, totaling Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Kannigapuram 8th Street?

The Sub Registrar Office that covers Kannigapuram 8th 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 further assistance.

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

The guideline value is a crucial factor in the property registration process in Velachery. It serves as a benchmark for determining the minimum value at which a property can be sold or purchased, ensuring that transactions are recorded at a fair value.

When buyers and sellers engage in a property transaction, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for legal documentation. This ensures transparency and compliance with local regulations during property transfers.

Frequently asked questions

What is the current guideline value of Kannigapuram 8th Street?

The current guideline value of Kannigapuram 8th 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 to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,850 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in Kannigapuram 8th Street?

The stamp duty is charged at 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 38,50,000, the total fees would amount to Rs 3,46,500.

Which office handles property registrations for Kannigapuram 8th Street?

The Velacheri Sub Registrar Office handles property registrations for Kannigapuram 8th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Kannigapuram 8th Street?

Kannigapuram 8th Street is classified as Residential Class II Type - III, which indicates its intended use for residential purposes.