Guideline Value for AKN NAGAR PART 1

Akn Nagar Part 1 guideline value

The current guideline value of Akn Nagar Part 1 is Rs 300 per sq.ft. This property is located in Kovilkuppam village, under the jurisdiction of the Manavalanagar SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Akn Nagar Part 1 has changed

The guideline value for Akn Nagar Part 1 has seen several revisions over the years. The 2012 revision set the value at Rs 300 per sq.ft, which remained unchanged in the 2017 revision. However, in 2017, the value increased to Rs 201 per sq.ft, marking a decrease of 33% from the previous figure. The 2023 revision maintained this value at Rs 300 per sq.ft, and in the latest 2024 revision, it remains unchanged at Rs 300 per sq.ft, reflecting a 0% change from 2023 to 2024. The register has no figures for the years 2002, 2003, and 2007 for this street.

Overall, from the 2012 revision to the current 2024 revision, the guideline value has not changed, remaining at Rs 300 per sq.ft. The increase from Rs 201 per sq.ft in 2017 to the current value represents a 49% increase over the six-year period.

Guideline values in Kovilkuppam

In Kovilkuppam, there are 68 streets under the Manavalanagar SRO that carry a 2024 guideline value ranging from Rs 300 to Rs 800 per sq.ft, with a median value of Rs 350 per sq.ft. The guideline value for Akn Nagar Part 1 is below this median.

• Akn Nagar: Rs 300 per sq.ft (2024)
• Akn Nagar Part 4: Rs 300 per sq.ft (2024)
• A.K.N.Nagar Part VII: Rs 375 per sq.ft (2024)
• Annai Rajeswarai Nagar: Rs 300 per sq.ft (2024)
• Balaji Avenue: Rs 450 per sq.ft (2024)
• Bala Murugan Nagar: Rs 300 per sq.ft (2024)

Stamp duty and registration fee for property in Akn Nagar Part 1

For a 1,000 sq.ft plot at the current rate of Rs 300 per sq.ft, the guideline value amounts to Rs 3,00,000. The stamp duty at 7% would be Rs 21,000, and the registration fee at 2% would be Rs 6,000, making the total Rs 27,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Akn Nagar Part 1?

The Sub Registrar Office that covers Akn Nagar Part 1 is the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Kovilkuppam. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. This ensures that the government receives appropriate revenue based on the value of the property being transferred.

When selling property, the guideline value can also serve as a reference point for both buyers and sellers to understand the expected transaction value. It is essential for both parties to be aware of the guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Akn Nagar Part 1?

The current guideline value of Akn Nagar Part 1 is Rs 300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 300 per sq.ft since 2012, with a notable increase from Rs 201 per sq.ft in 2017 to the current value, marking a 49% increase over six years.

What is the land classification for Akn Nagar Part 1?

The land classification for Akn Nagar Part 1 is Residential Class III Type - I.

What are the stamp duty and registration fees for property in Akn Nagar Part 1?

For a property valued at Rs 3,00,000, the stamp duty would be Rs 21,000 and the registration fee would be Rs 6,000, totaling Rs 27,000.

Which office handles registrations for Akn Nagar Part 1?

The Manavalanagar Sub Registrar Office handles registrations for Akn Nagar Part 1, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone.