Guideline Value for Baba Nagar Third Prathasa Salai and Velumani Street

Baba Nagar Third Prathasa Salai and Velumani Street guideline value

The current guideline value for Baba Nagar Third Prathasa Salai and Velumani Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Konnur village, under the Konnur SRO, and is classified as Residential Class I Type - I.

How the guideline value of Baba Nagar Third Prathasa Salai and Velumani Street has changed

The guideline value for this street has undergone several revisions over the years. The earliest recorded figure is from 2007, when the value was Rs 800 per sq.ft. This increased significantly to Rs 5,000 per sq.ft in 2012, marking a 525% rise. However, it decreased to Rs 3,350 per sq.ft in 2017, reflecting a 33% drop. The value then rose again to Rs 5,000 per sq.ft in 2023, and currently stands at Rs 5,500 per sq.ft in the 2024 revision, which is a 10% increase from the previous year.

It is important to note that there are no recorded figures for this street in the revisions of 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 588%.

Guideline values in Konnur

Konnur village has a total of 249 streets under the Konnur SRO, with 2024 guideline values ranging from Rs 2,750 to Rs 7,100 per sq.ft. The median value for these streets is Rs 3,800 per sq.ft, placing Baba Nagar Third Prathasa Salai and Velumani Street above this median.

• Baba Nagar Second Prathana Salai: Rs 5,500 per sq.ft (2024)
• Baba Nagar Nethaji Nagar: Rs 5,500 per sq.ft (2024)
• Baba Nagar First Prathana Salai: Rs 5,500 per sq.ft (2024)
• Baba Nagar and Others Street: Rs 5,500 per sq.ft (2024)
• Baba Nagar 9th street and Cross Street: Rs 5,500 per sq.ft (2024)
• Baba Nagar 8th street and Cross Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Baba Nagar Third Prathasa Salai and Velumani Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000. Together, the total cost for stamp duty and registration would be Rs 4,95,000. Please 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 information.

Which Sub Registrar Office covers Baba Nagar Third Prathasa Salai and Velumani Street?

The Sub Registrar Office that covers Baba Nagar Third Prathasa Salai and Velumani Street is the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Konnur. It is used to determine the stamp duty and registration fees applicable when buying or selling property. The guideline value is set by the Registration Department and is updated periodically to reflect market conditions.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Baba Nagar Third Prathasa Salai and Velumani Street?

The current guideline value for Baba Nagar Third Prathasa Salai and Velumani Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has risen from Rs 800 per sq.ft to Rs 5,500 per sq.ft in 2024, reflecting a total increase of 588% over this period.

What is the classification of land for this street?

Baba Nagar Third Prathasa Salai and Velumani Street is classified as Residential Class I Type - I.

Where can I find the Konnur Sub Registrar Office?

The Konnur Sub Registrar Office is located at Sub Register Office, Villivakkam Panchat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How is stamp duty calculated for properties in Konnur?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 55,00,000 would incur a stamp duty of Rs 3,85,000 at a rate of 7%.