Guideline Value for Kannigapuram 9th Street

Kannigapuram 9th Street guideline value

The current guideline value of Kannigapuram 9th Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Kannigapuram 9th Street has changed

The guideline value for Kannigapuram 9th Street has seen several revisions over the years. The earliest recorded revision is from 2012, where the value was Rs 3,500 per sq.ft. This figure remained until the next revision in 2017, where it decreased to Rs 2,345 per sq.ft. Following this, the value increased significantly to Rs 3,500 per sq.ft in 2023, and then to Rs 3,850 per sq.ft in 2024, marking a 10% increase from the previous year.

Between the 2017 and 2023 revisions, there was a notable 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 ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, placing the 2024 figure for Kannigapuram 9th Street below this median.

• Kannigapuram 8th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 7th 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 9th 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, making the total cost for these fees Rs 3,46,500. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kannigapuram 9th Street?

The Sub Registrar Office that covers Kannigapuram 9th 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 the registration of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately and transparently.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. These fees are essential for the legal transfer of property ownership and are based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Kannigapuram 9th Street?

The current guideline value of Kannigapuram 9th 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 9th Street?

Kannigapuram 9th Street is classified as Residential Class II Type - III, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For example, a 1,000 sq.ft plot at the current guideline value incurs total fees of Rs 3,46,500.

Where is the Sub Registrar Office for Kannigapuram 9th Street located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042, and it handles registrations for Kannigapuram 9th Street.