Guideline Value for Binny Nagar Main Road

Binny Nagar Main Road guideline value

The current guideline value of Binny Nagar Main Road is Rs 2,700 per sq.ft. This street is located in Kodungaiyur village, under the Madhavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of Binny Nagar Main Road has changed

The guideline value for Binny Nagar Main Road has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,700 per sq.ft, an increase from Rs 2,500 per sq.ft in 2023, which represents an 8% rise. Looking further back, the 2017 revision recorded a guideline value of Rs 1,675 per sq.ft, marking a significant 49% increase by 2023 and an overall increase of 61% from 2017 to 2024.

It is important to note that there are no figures available for the revisions in 2012, 2007, 2003, and 2002 for this street.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO that carry a 2024 guideline value, ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, which is equal to the current value of Binny Nagar Main Road.

• Binny Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• Binni Main Road: Rs 2,700 per sq.ft (2024)
• Bhavani Street: Rs 2,200 per sq.ft (2024)
• Bhavaniamman Street (Krishnamoorthy Nagar): Rs 2,700 per sq.ft (2024)
• Boopathy Naicken Main Road: Rs 2,200 per sq.ft (2024)
• Bose Cross Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Binny Nagar Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total cost for these fees to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Binny Nagar Main Road?

The Sub Registrar Office that covers Binny Nagar Main Road is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kodungaiyur, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duty are calculated based on it.

When registering a property, the guideline value ensures transparency and standardization in property transactions, helping to avoid disputes regarding property valuations. It is essential for both parties to be aware of the current guideline value to facilitate a smooth transaction process.

Frequently asked questions

What is the current guideline value of Binny Nagar Main Road?

The current guideline value of Binny Nagar Main Road is Rs 2,700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 1,675 per sq.ft in 2017 to Rs 2,700 per sq.ft in 2024, marking an overall increase of 61% over this period.

What are the stamp duty and registration fees for property in Binny Nagar Main Road?

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000, and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

Which Sub Registrar Office covers Binny Nagar Main Road?

The Madhavaram Sub Registrar Office covers Binny Nagar Main Road, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification of Binny Nagar Main Road?

Binny Nagar Main Road is classified as Residential Class I Type - I, which indicates its suitability for residential development.