Guideline Value for Kanthasamy Nagar 8th Street

Kanthasamy Nagar 8th Street guideline value

The current guideline value of Kanthasamy Nagar 8th Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the Virugambakkam SRO, and is classified as Residential Class V Type - I.

How the guideline value of Kanthasamy Nagar 8th Street has changed

The guideline value for Kanthasamy Nagar 8th Street has seen several revisions over the years. In 2002, the guideline value was Rs 113 per sq.ft, which rose to Rs 124 per sq.ft in 2003, marking an increase of 10%. The value then surged significantly to Rs 400 per sq.ft in 2007, reflecting a 223% increase. Following this, the value further increased to Rs 2,000 per sq.ft in 2012, showing a substantial rise of 400%. However, it dropped to Rs 1,340 per sq.ft in 2017, indicating a decrease of 33%. The guideline value then increased to Rs 2,000 per sq.ft in 2023, and finally to the current rate of Rs 2,200 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,847%. The register has no figure for revisions in years other than those listed.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft, with a median value of Rs 3,050 per sq.ft. The guideline value for Kanthasamy Nagar 8th Street is below this median.

• Kanthasamy Nagar 7th Street: Rs 2,200 per sq.ft (2024)
• Kanthasamy Nagar 9th Street: Rs 2,200 per sq.ft (2024)
• Kanthasamy Nagar 6th Street: Rs 2,200 per sq.ft (2024)
• Kanthasamy Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Kanthasamy Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• Kanthasamy Nagar 4th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Kanthasamy Nagar 8th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. 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 information.

Which Sub Registrar Office covers Kanthasamy Nagar 8th Street?

The Sub Registrar Office that covers Kanthasamy Nagar 8th Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

When buying or selling property in Maduravoyal, the guideline value plays a crucial role in determining the stamp duty and registration fees. These fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives appropriate revenue from property transactions.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the overall cost of property transactions. Proper understanding of these values can help in budgeting for additional costs associated with property registration.

Frequently asked questions

What is the current guideline value of Kanthasamy Nagar 8th Street?

The current guideline value of Kanthasamy Nagar 8th Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 113 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, representing an overall increase of 1,847% over this period.

What are the stamp duty and registration fees for property in Kanthasamy Nagar 8th Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 22,00,000. The stamp duty would be Rs 1,54,000, and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office covers Kanthasamy Nagar 8th Street?

The Virugambakkam Sub Registrar Office covers Kanthasamy Nagar 8th Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification of Kanthasamy Nagar 8th Street?

Kanthasamy Nagar 8th Street is classified as Residential Class V Type - I.