Guideline Value for Banu Nagar Phase-II

Banu Nagar Phase-II guideline value

The current guideline value of Banu Nagar Phase-II is Rs 460 per sq.ft, effective from 1 July 2024. This area is located in Molachoor village and falls under the Sunguvarchattram SRO. The land classification for this area is New House Site Type -I (Individual House Site).

How the guideline value of Banu Nagar Phase-II has changed

The guideline value for Banu Nagar Phase-II has undergone several revisions over the years. The 2012 revision set the value at Rs 450 per sq.ft, which then decreased to Rs 301 per sq.ft in 2017. However, from 2017 to 2023, there was a significant increase of 50%, bringing the value up to Rs 450 per sq.ft. The most recent revision in 2024 has increased the value slightly to Rs 460 per sq.ft, reflecting a 2% rise from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Molachoor

In Molachoor, there are 112 streets under the Sunguvarchattram SRO with guideline values ranging from Rs 300 to Rs 2,000 per sq.ft. The median value for these streets is Rs 600 per sq.ft, and Banu Nagar Phase-II's 2024 figure is below that median.

• Balas Garden: Rs 600 per sq.ft (2024)
• B.B Innaiyya Naidu Street: Rs 500 per sq.ft (2024)
• Benjamin Naidu Street: Rs 800 per sq.ft (2024)
• Bhanu Nagar: Rs 460 per sq.ft (2024)
• Bharathidhasan Street: Rs 600 per sq.ft (2024)
• Bharathiyar Street: Rs 600 per sq.ft (2024)

Stamp duty and registration fee for property in Banu Nagar Phase-II

For a 1,000 sq.ft plot at the current rate of Rs 460 per sq.ft, the guideline value amounts to Rs 4,60,000. The stamp duty is charged at 7%, which totals Rs 32,200, and the registration fee is 2%, amounting to Rs 9,200. Together, the total cost for stamp duty and registration fee would be Rs 41,400. It is important to 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 details.

Which Sub Registrar Office covers Banu Nagar Phase-II?

The Sub Registrar Office that covers Banu Nagar Phase-II is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Molachoor. It determines the minimum value at which a property can be registered, ensuring that the transaction reflects a fair value for taxation purposes.

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 ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Banu Nagar Phase-II?

The current guideline value of Banu Nagar Phase-II is Rs 460 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 450 per sq.ft in 2012 to Rs 301 per sq.ft in 2017, then to Rs 450 per sq.ft in 2023, and finally to Rs 460 per sq.ft in 2024.

What are the other streets in Molachoor and their guideline values?

Other streets in Molachoor include Balas Garden at Rs 600 per sq.ft, B.B Innaiyya Naidu Street at Rs 500 per sq.ft, Benjamin Naidu Street at Rs 800 per sq.ft, Bharathidhasan Street at Rs 600 per sq.ft, and Bharathiyar Street at Rs 600 per sq.ft.

Where can I find the Sub Registrar Office for Banu Nagar Phase-II?

The Sub Registrar Office for Banu Nagar Phase-II is located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone.

How is stamp duty calculated for properties in Banu Nagar Phase-II?

Stamp duty for properties in Banu Nagar Phase-II is calculated at 7% of the guideline value or the sale price, whichever is higher. The registration fee is charged at 2% of the same value.