Guideline Value for Binny Road

Binny Road guideline value

The current guideline value of Binny Road is Rs 12,600 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village, under the Chennai Central Joint II SRO, and is classified as Residential Special Type - I.

How the guideline value of Binny Road has changed

The guideline value for Binny Road has seen several revisions over the years. In 2007, the value was Rs 4,700 per sq.ft, which increased significantly to Rs 11,500 per sq.ft in 2012, marking a rise of 145%. However, this value decreased to Rs 7,705 per sq.ft in 2017, representing a decline of 33%. The value then surged to Rs 11,500 per sq.ft in 2023, a 49% increase. The most recent revision in 2024 has set the guideline value at Rs 12,600 per sq.ft, which is a 10% increase from the previous year.

There are no figures available for the years 2002 and 2003 in the register for Binny Road. Overall, from 2007 to 2024, the guideline value has increased by 168%.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, and Binny Road's 2024 figure is above this median.

• Bootha Perumal Naicken St: Rs 8,800 per sq.ft (2024)
• Bootha Perumal Naiken Lane: Rs 8,800 per sq.ft (2024)
• Brown Stone Apartments: Rs 11,500 per sq.ft (2024)
• Cathedral Garden Lane: Rs 10,400 per sq.ft (2024)
• Cathedral Garden Road: Rs 12,600 per sq.ft (2024)
• Bhagadhur Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Binny Road

For a 1,000 sq.ft plot at the current guideline value of Rs 12,600 per sq.ft, the total guideline value would be Rs 1,26,00,000. The stamp duty at 7% would amount to Rs 8,82,000, and the registration fee at 2% would be Rs 2,52,000, bringing the total to Rs 11,34,000. 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 to estimate your fees.

Which Sub Registrar Office covers Binny Road?

The Sub Registrar Office that covers Binny Road is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Nungambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, both the buyer and seller must consider the guideline value, as it affects the overall cost of the transaction. It is essential to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Binny Road?

The current guideline value of Binny Road is Rs 12,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,700 per sq.ft in 2007 to Rs 12,600 per sq.ft in 2024, representing an overall increase of 168%.

What is the land classification for Binny Road?

Binny Road is classified as Residential Special Type - I, indicating its suitability for residential development.

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

For a property valued at Rs 1,26,00,000, the stamp duty would be Rs 8,82,000, and the registration fee would be Rs 2,52,000, totaling Rs 11,34,000.

Where can I find the Sub Registrar Office for Binny Road?

The Sub Registrar Office for Binny Road is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.