Guideline Value for Kannikapuram

Kannikapuram guideline value

The current guideline value of Kannikapuram, located in Saligramam village under the Virugambakkam SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III Type - I.

How the guideline value of Kannikapuram has changed

The guideline value of Kannikapuram has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 515 per sq.ft, which increased to Rs 563 per sq.ft in 2003, marking a 9% rise. The value then saw a significant increase of 51% to reach Rs 850 per sq.ft in 2007. Following this, the 2012 revision recorded a value of Rs 3,000 per sq.ft, representing a substantial 253% increase from the previous figure. However, the 2017 revision saw a decrease, bringing the value down to Rs 2,010 per sq.ft, which was a 33% drop.

In the following years, the guideline value began to rise again, with the 2023 revision setting it at Rs 3,000 per sq.ft, a 49% increase from 2017. The most recent revision in 2024 has further increased the value to Rs 3,300 per sq.ft, reflecting a 10% rise from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 541%.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value of Kannikapuram at Rs 3,300 per sq.ft is below this median.

• Kanniamman Street: Rs 6,600 per sq.ft (2024)
• Kannammal Street: Rs 6,600 per sq.ft (2024)
• Kannabiran Street: Rs 6,600 per sq.ft (2024)
• Kannabiran Colony: Rs 6,600 per sq.ft (2024)
• Kandan Street: Rs 3,300 per sq.ft (2024)
• Karunanidhi Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Kannikapuram

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. 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 Kannikapuram?

The Kannikapuram area falls under the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Saligramam. It is used to determine the stamp duty and registration fees that need to be paid at the time of property registration. Buyers and sellers should be aware that the guideline value may differ from the actual sale price.

During the registration process, the authorities will charge the stamp duty based on the higher value between the guideline value and the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kannikapuram?

The current guideline value of Kannikapuram is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 515 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 541% over the years.

What are the other streets in Saligramam with their guideline values?

Other streets in Saligramam include Kanniamman Street, Kannammal Street, Kannabiran Street, Kannabiran Colony, Kandan Street, and Karunanidhi Street, with values ranging from Rs 3,300 to Rs 6,600 per sq.ft in 2024.

What are the stamp duty and registration fees for property in Kannikapuram?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office covers the Kannikapuram area?

The Virugambakkam Sub Registrar Office covers the Kannikapuram area, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.