Guideline Value for Kennady Street

Kennady Street guideline value

The current guideline value of Kennady Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Tambaram village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Commercial Class I Type - II.

How the guideline value of Kennady Street has changed

The guideline value for Kennady Street has seen significant changes over the years. In 2002, the value was Rs 323 per sq.ft. It increased to Rs 398 per sq.ft in 2003, marking a rise of 23%. The next revision in 2007 saw a substantial jump to Rs 500 per sq.ft, which was an increase of 26%. This was followed by a remarkable increase to Rs 6,000 per sq.ft in 2012, representing a 1,100% rise. However, the value decreased to Rs 4,020 per sq.ft in 2017, a drop of 33%. The guideline value then rose to Rs 6,000 per sq.ft in 2023, and finally, it reached Rs 6,600 per sq.ft in 2024, reflecting a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,943%. There are no figures available for the years not mentioned in the revisions for this street.

Guideline values in Tambaram

In Tambaram village, there are 360 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 8,250 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing Kennady Street's 2024 figure above this median.

• Kattapomman Street: Rs 5,500 per sq.ft (2024)
• Karumariyamman Koil Street: Rs 2,200 per sq.ft (2024)
• Karumariyamman Avenue: Rs 1,320 per sq.ft (2024)
• Karumari Amman Nagar: Rs 2,200 per sq.ft (2024)
• Krishna Nagar 1st Street: Rs 4,400 per sq.ft (2024)
• Krishna Nagar 2nd St: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Kennady Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, while the registration fee at 2% would be Rs 1,32,000. Together, the total cost would be Rs 5,94,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Kennady Street?

The Sub Registrar Office that covers Kennady Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Tambaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring compliance with legal requirements.

When a property is sold, the buyer must pay stamp duty and registration fees based on the higher of the guideline value or the sale price. This ensures that the state government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kennady Street?

The current guideline value of Kennady Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 323 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, an overall increase of 1,943%.

What is the land classification for Kennady Street?

Kennady Street is classified as Commercial Class I Type - II, which indicates its suitability for commercial activities.

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

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Where is the Sub Registrar Office for Kennady Street located?

The Sub Registrar Office for Kennady Street is located at No.26, Mes Road, East Tambaram, Chennai-600059, under the Chengalpattu registration zone.