Guideline Value for Akash Nagar

Akash Nagar guideline value

The current guideline value of Akash Nagar, located in Pothur village under the Redhills SRO, is Rs 550 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class I Type - I.

How the guideline value of Akash Nagar has changed

The guideline value for Akash Nagar has seen several revisions over the years. The 2017 revision set the value at Rs 335 per sq.ft. This increased to Rs 500 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent 2024 revision has further increased the guideline value to Rs 550 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street.

Guideline values in Pothur

In Pothur, there are 98 streets under the Redhills SRO with a 2024 guideline value ranging from Rs 330 to Rs 2,000 per sq.ft. The median value is Rs 550 per sq.ft, which is equal to the guideline value of Akash Nagar.

• Abi Avenue: Rs 550 per sq.ft (2024)
• Anbu Avenue: Rs 440 per sq.ft (2024)
• Annai Terasa Nagar: Rs 550 per sq.ft (2024)
• Annai Theresa Nagar Extension: Rs 550 per sq.ft (2024)
• Annai Theresa Nagar Extension - II: Rs 550 per sq.ft (2024)
• Annai Velankanni Nagar: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Akash Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value would amount to Rs 5,50,000. The stamp duty, charged at 7%, would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total cost to Rs 49,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Akash Nagar?

The Akash Nagar area falls under the jurisdiction of the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions in Pothur. It serves as a reference point for calculating the stamp duty and registration fees during the sale or purchase of property. Buyers and sellers must consider this value to ensure compliance with local regulations.

At the time of registration, the guideline value is used to determine the applicable fees. It is crucial for both parties to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Akash Nagar?

The current guideline value of Akash Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 335 per sq.ft in 2017 to Rs 550 per sq.ft in 2024, marking an overall increase of 64% over this period.

What is the land classification of Akash Nagar?

Akash Nagar is classified as Residential Class I Type - I, which indicates its suitability for residential development.

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

For a property valued at Rs 5,50,000, the stamp duty would be Rs 38,500 and the registration fee would be Rs 11,000, totaling Rs 49,500.

Which office handles registrations for Akash Nagar?

The Redhills Sub Registrar Office is responsible for handling registrations for Akash Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.