Guideline Value for Kannigapuram

Kannigapuram guideline value

The current guideline value of Kannigapuram is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Kannigapuram has changed

In the 2012 revision, the guideline value was Rs 3,500 per sq.ft. This figure decreased to Rs 2,345 per sq.ft in the 2017 revision, marking a significant decline of 33%. However, from 2017 to 2024, the value increased by 64%, bringing the current guideline value to Rs 3,850 per sq.ft. The register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

Overall, comparing the 2012 and 2024 revisions, there has been a slight increase of 10% in the guideline value. The current rate of Rs 3,850 per sq.ft reflects the latest adjustments made in the guideline value register.

Guideline values in Velachery

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

• Kannigapuram 10th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 11th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 12th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 13th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 14th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 15th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Kannigapuram

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, while the registration fee at 2% would be Rs 77,000, bringing the total cost 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.

For more information, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kannigapuram?

The Sub Registrar Office that covers Kannigapuram 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 details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Velachery. It determines the minimum value at which a property can be registered and is often used to calculate the applicable stamp duty and registration fees.

When a property is sold, the buyer and seller must consider the guideline value to ensure compliance with legal requirements. This value serves as a benchmark for the transaction and is essential for the accurate assessment of taxes associated with property transfers.

Frequently asked questions

What is the current guideline value of Kannigapuram?

The current guideline value of Kannigapuram 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 seen several changes, with a decrease from Rs 3,500 in 2012 to Rs 2,345 in 2017, followed by an increase to Rs 3,850 in 2024.

What is the land classification of Kannigapuram?

Kannigapuram is classified as Residential Class II Type - III, indicating its designation for residential purposes.

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Kannigapuram?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 at a rate of 7%.