Guideline Value for Banu Nagar West (Ambethkar Street)

Banu Nagar West (Ambethkar Street) guideline value

The current guideline value of Banu Nagar West (Ambethkar Street) is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Oragadam village under the Ambattur SRO, classified as Residential Special Type - II.

How the guideline value of Banu Nagar West (Ambethkar Street) has changed

The guideline value for Banu Nagar West (Ambethkar Street) has undergone several revisions over the years. In 2012, the guideline value was Rs 2,000 per sq.ft, which decreased to Rs 1,340 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,000 per sq.ft in 2023, and then further rose to Rs 2,200 per sq.ft in 2024, marking a 10% increase from the previous year. Overall, from 2012 to 2024, there has been an increase of 10% in the guideline value.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. The guideline values for the years available show a notable increase of 49% from 2017 to 2023, while the decrease from 2012 to 2017 was 33%.

Guideline values in Oragadam

In Oragadam, there are 596 streets under the Ambattur SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 3,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which aligns with the current value for Banu Nagar West (Ambethkar Street).

• Banu Nagar (Srinivasan Street): Rs 2,200 per sq.ft (2024)
• Banu Nagar West (Bakkialakshmi Street): Rs 2,200 per sq.ft (2024)
• Banu Nagar (Rajiv Gandhi Street): Rs 2,200 per sq.ft (2024)
• Banu Nagar West (Bakkiya Street): Rs 2,200 per sq.ft (2024)
• Banu Nagar (M.G.R. Avenue): Rs 2,200 per sq.ft (2024)
• Banu Nagar West Gubera Ganapathi Avenue: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Banu Nagar West (Ambethkar Street)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to 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, bringing the total cost for these fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Banu Nagar West (Ambethkar Street)?

The Sub Registrar Office that covers Banu Nagar West (Ambethkar Street) is the Ambattur Sub Registrar Office, located at 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 plays a crucial role in the registration process when buying or selling property in Oragadam. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official register.

When a property is sold, the guideline value is considered to ensure that the sale price does not undervalue the property for tax purposes. Buyers and sellers must be aware of the guideline value to avoid discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Banu Nagar West (Ambethkar Street)?

The current guideline value of Banu Nagar West (Ambethkar Street) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024. This reflects a 10% increase from 2023 to 2024 and a 49% increase from 2017 to 2023.

What are the other streets in Oragadam with the same guideline value?

Several other streets in Oragadam have the same guideline value of Rs 2,200 per sq.ft for 2024, including Banu Nagar (Srinivasan Street), Banu Nagar West (Bakkialakshmi Street), Banu Nagar (Rajiv Gandhi Street), Banu Nagar West (Bakkiya Street), Banu Nagar (M.G.R. Avenue), and Banu Nagar West Gubera Ganapathi Avenue.

Where can I find the Sub Registrar Office for Banu Nagar West (Ambethkar Street)?

The Sub Registrar Office for Banu Nagar West (Ambethkar Street) is located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

How is the stamp duty calculated for properties in Banu Nagar West?

Stamp duty for properties in Banu Nagar West is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot valued at Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000, leading to a stamp duty of Rs 1,54,000.