Guideline Value for BARANI JOTHI NAGAR

Barani Jothi Nagar guideline value

The current guideline value of Barani Jothi Nagar is Rs 2,900 per sq.ft, effective from 1 July 2024. This area is located in Korattur village, under the Villivakkam Sub Registrar Office (SRO). The land classification for this street is Residential Class II Type - II.

How the guideline value of Barani Jothi Nagar has changed

The guideline value for Barani Jothi Nagar has undergone several revisions over the years. In 2002, the guideline value was Rs 91 per sq.ft, which increased significantly to Rs 375 per sq.ft in 2007. This was followed by a substantial rise to Rs 2,700 per sq.ft in 2012, marking an increase of 620% from the previous revision. However, the value dropped to Rs 1,809 per sq.ft in 2017, a decrease of 33% from 2012. The value then rose to Rs 2,700 per sq.ft in 2023, and currently stands at Rs 2,900 per sq.ft in 2024, reflecting a 7% increase from the previous year.

It is important to note that there is no figure available for the year 2003 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 3087%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft, with a median value of Rs 2,500 per sq.ft. The guideline value of Barani Jothi Nagar is above this median, indicating its relative position within the area.

• Baliamman Street: Rs 1,300 per sq.ft (2024)
• BALAVINGAYAR NAGAR (Kallikuppam): Rs 1,600 per sq.ft (2024)
• Balavingayar Koil Street: Rs 1,600 per sq.ft (2024)
• Balavinayagar Nagar Extension: Rs 2,010 per sq.ft (2024)
• Balan Nagar: Rs 1,600 per sq.ft (2024)
• Balaji Nagar Near Railway Track 1,2,3 Streets: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Barani Jothi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,900 per sq.ft, the total guideline value would be Rs 29,00,000. The stamp duty at 7% would amount to Rs 2,03,000, and the registration fee at 2% would be Rs 58,000. Together, the total cost for these fees would be Rs 2,61,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Barani Jothi Nagar?

The Sub Registrar Office that covers Barani Jothi Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Korattur. It serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the transaction is recorded accurately in the official records.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This mechanism helps in maintaining transparency and accountability in property transactions.

Frequently asked questions

What is the current guideline value of Barani Jothi Nagar?

The current guideline value of Barani Jothi Nagar is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 91 per sq.ft in 2002 to Rs 2,900 per sq.ft in 2024, reflecting an overall increase of 3087% over this period.

What is the registration office for Barani Jothi Nagar?

The Villivakkam Sub Registrar Office covers Barani Jothi Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in Barani Jothi Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 29,00,000, the stamp duty at 7% would be Rs 2,03,000.

What is the land classification for Barani Jothi Nagar?

The land classification for Barani Jothi Nagar is Residential Class II Type - II, indicating its designated use for residential purposes.