Guideline Value for Kennedy Nagar Main Road

Kennedy Nagar Main Road guideline value

The current guideline value of Kennedy Nagar Main Road is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Kennedy Nagar Main Road has changed

The guideline value for Kennedy Nagar Main Road has seen several revisions over the years. The earliest recorded figure is from 2012, where the value was Rs 2,300 per sq.ft. This was followed by a decrease to Rs 1,541 per sq.ft in 2017. The 2023 revision increased the value to Rs 2,300 per sq.ft, and the current revision for 2024 has set the value at Rs 2,500 per sq.ft.

From 2017 to 2023, there was a significant increase of 49%. The change from 2023 to 2024 reflects a 9% increase. Overall, from 2012 to 2024, the guideline value has increased by 9%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry village, there are 376 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median value is Rs 2,500 per sq.ft, which is equal to the guideline value of Kennedy Nagar Main Road.

• Kattanthurai Vaikal: Rs 2,200 per sq.ft (2024)
• Krishnamoorthy Nagar 1st Street: Rs 3,250 per sq.ft (2024)
• Krishnamoorthy Nagar 2nd Street: Rs 3,250 per sq.ft (2024)
• Krishnamoorthy Nagar 3th Street: Rs 3,250 per sq.ft (2024)
• Krishnamoorthy Nagar 4th Street: Rs 3,250 per sq.ft (2024)
• Krishnamoorthy Salai: Rs 3,250 per sq.ft (2024)

Stamp duty and registration fee for property in Kennedy Nagar Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, totaling Rs 2,25,000. 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 Kennedy Nagar Main Road?

The Kennedy Nagar Main Road falls under the jurisdiction of the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a critical component when registering property transactions in Erukancherry. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is used to calculate the fees based on the higher value between the guideline value and the actual sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kennedy Nagar Main Road?

The current guideline value of Kennedy Nagar Main Road is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, then increased to Rs 2,300 per sq.ft in 2023, and finally to Rs 2,500 per sq.ft in 2024.

What is the land classification for Kennedy Nagar Main Road?

Kennedy Nagar Main Road is classified as Residential Class III Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 25,00,000, the total fees would amount to Rs 2,25,000.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.