Guideline Value for Banu Nagar -East (Elumalai Mesthri Street)

Banu Nagar -East (Elumalai Mesthri Street) guideline value

The current guideline value for Banu Nagar -East (Elumalai Mesthri Street) is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Oragadam village under the Ambattur SRO, and it falls under the Residential Special Type - II land classification.

How the guideline value of Banu Nagar -East (Elumalai Mesthri Street) has changed

The guideline value for Banu Nagar -East (Elumalai Mesthri Street) has seen significant changes over the years. In 2002, the value was Rs 200 per sq.ft, which increased to Rs 216 per sq.ft in 2003, marking an 8% rise. The value then rose dramatically to Rs 605 per sq.ft in 2007, representing a 180% increase. Following this, the value surged to Rs 2,000 per sq.ft in 2012, a substantial jump of 231%. However, it dropped to Rs 1,340 per sq.ft in 2017, a decrease of 33%. The value then increased to Rs 2,000 per sq.ft in 2023, before reaching the current rate of Rs 2,200 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1000%. There are no figures recorded in the register for revisions other than those listed above for this street.

Guideline values in Oragadam

In Oragadam village, there are 596 streets under the Ambattur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 3,500 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, which is equal to the current value of Banu Nagar -East (Elumalai Mesthri Street).

• Banu Nagar Daniel Street: Rs 2,200 per sq.ft (2024)
• Banu Nagar -East (Kanthasamy Street): Rs 2,200 per sq.ft (2024)
• Banu Nagar Daniel Cross Street: Rs 2,200 per sq.ft (2024)
• Banu Nagar -East (Thanappan Street): Rs 2,200 per sq.ft (2024)
• Banu Nagar Daniel 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Banu Nagar E.V.R. Periyar Avenue: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Banu Nagar -East (Elumalai Mesthri Street)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value is Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total fees together Rs 1,98,000. It is important to note that 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 Banu Nagar -East (Elumalai Mesthri Street)?

The Sub Registrar Office that covers Banu Nagar -East (Elumalai Mesthri Street) is the Ambattur Sub Registrar Office. The address is Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Oragadam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations and to understand the financial implications of their property transactions.

When registering a property, the guideline value will be compared with the sale price. The higher of the two will be used to calculate the applicable duties and fees. This ensures that the government receives the correct revenue based on the property's worth as determined by the guideline value.

Frequently asked questions

What is the current guideline value for Banu Nagar -East (Elumalai Mesthri Street)?

The current guideline value for Banu Nagar -East (Elumalai Mesthri Street) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 200 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 1000% over the years.

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

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles property registrations for Banu Nagar -East?

The Ambattur Sub Registrar Office handles property registrations for Banu Nagar -East (Elumalai Mesthri Street), located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

What is the land classification for Banu Nagar -East (Elumalai Mesthri Street)?

Banu Nagar -East (Elumalai Mesthri Street) is classified as Residential Special Type - II, which indicates its intended use for residential purposes.