Guideline Value for Banu Nagar(3rd Avenue)

Banu Nagar(3rd Avenue) guideline value

The current guideline value for Banu Nagar(3rd Avenue) is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Oragadam village and falls under the Ambattur SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Banu Nagar(3rd Avenue) has changed

The guideline value for Banu Nagar(3rd Avenue) has seen several revisions over the years. In 2002, the guideline value was Rs 200 per sq.ft, which increased significantly to Rs 605 per sq.ft in 2007. The value then rose dramatically to Rs 2,000 per sq.ft in 2012, before dropping to Rs 1,340 per sq.ft in 2017. The 2023 revision set the value at Rs 2,000 per sq.ft, and the latest revision in 2024 has increased it to Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1000%. Notably, there is no figure available in the register for the year 2003 for this street.

Guideline values in Oragadam

In Oragadam, 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 for these streets is Rs 2,200 per sq.ft, which is equal to the current value for Banu Nagar(3rd Avenue).

• Banu Nagar(32th Avenue): Rs 2,200 per sq.ft (2024)
• Banu Nagar 3rd Main Road: Rs 2,200 per sq.ft (2024)
• Banu Nagar(31th Avenue): Rs 2,200 per sq.ft (2024)
• Banu Nagar(4th Avenue): Rs 2,200 per sq.ft (2024)
• Banu Nagar(30th Avenue): Rs 2,200 per sq.ft (2024)
• Banu Nagar 4th Main Road: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Banu Nagar(3rd Avenue)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total 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.

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

Which Sub Registrar Office covers Banu Nagar(3rd Avenue)?

The Sub Registrar Office that covers Banu Nagar(3rd Avenue) is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

To find your SRO, you can visit find your SRO.

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

The guideline value is a critical factor during property registration in Oragadam. It serves as the benchmark for determining the stamp duty and registration fees that buyers must pay when purchasing property. This ensures that the transaction is recorded accurately and complies with local regulations.

When selling property, the guideline value helps establish a fair basis for the sale price. Buyers and sellers can use this value to negotiate terms and ensure that the transaction reflects the property's worth as per government standards.

Frequently asked questions

What is the current guideline value for Banu Nagar(3rd Avenue)?

The current guideline value for Banu Nagar(3rd Avenue) 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 increased from Rs 200 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 1000% over this period.

What are the registration fees based on the guideline value?

Registration fees are calculated based on the guideline value, which for a 1,000 sq.ft plot at Rs 2,200 per sq.ft would total Rs 1,98,000, including stamp duty and registration fees.

Which office handles registrations for Banu Nagar(3rd Avenue)?

The Ambattur Sub Registrar Office is responsible for handling registrations for Banu Nagar(3rd Avenue).

What is the land classification for Banu Nagar(3rd Avenue)?

Banu Nagar(3rd Avenue) is classified as Residential Special Type - II, indicating its suitability for residential development.