Guideline Value for Friends Nagar

Friends Nagar guideline value

The current guideline value of Friends Nagar, located in Kovilpathagai village under the Ambattur SRO, is Rs 1,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Friends Nagar has changed

The guideline value for Friends Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 1,100 per sq.ft, which was then reduced to Rs 737 per sq.ft in the 2017 revision. Following this, the value increased to Rs 1,100 per sq.ft in the 2023 revision, and finally, it rose to Rs 1,200 per sq.ft in the 2024 revision. There are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Between the revisions, the changes in guideline value are notable. From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased significantly by 49%. The overall change from 2012 to 2024 reflects a modest increase of 9%.

Guideline values in Kovilpathagai

In Kovilpathagai, there are 278 streets under the Ambattur SRO carrying a 2024 guideline value ranging from Rs 803 to Rs 2,900 per sq.ft. The median value for these streets is Rs 870 per sq.ft, placing Friends Nagar's 2024 figure above this median.

• Friends Colony: Rs 806 per sq.ft (2024)
• Frances Colony: Rs 880 per sq.ft (2024)
• Gananpathy Nagar (S.No.28/2): Rs 880 per sq.ft (2024)
• Ganapathi Avanue & Extn: Rs 870 per sq.ft (2024)
• Ganapathi Nagar: Rs 803 per sq.ft (2024)
• Ganapathi Nagar Extension: Rs 807 per sq.ft (2024)

Stamp duty and registration fee for property in Friends Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,200 per sq.ft, the total guideline value amounts to Rs 12,00,000. The stamp duty, charged at 7%, would be Rs 84,000, while the registration fee at 2% would be Rs 24,000. Together, these fees total Rs 1,08,000. 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 further calculations.

Which Sub Registrar Office covers Friends Nagar?

The Friends Nagar area is covered by 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 information.

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

The guideline value plays a crucial role during property registration in Kovilpathagai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value is essential for calculating stamp duty and registration fees. These costs are based on the guideline value or the sale price, whichever is higher, ensuring that all transactions are properly documented and taxed.

Frequently asked questions

What is the current guideline value of Friends Nagar?

The current guideline value of Friends Nagar is Rs 1,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,100 per sq.ft in 2012 to Rs 737 per sq.ft in 2017, then to Rs 1,100 per sq.ft in 2023, and finally to Rs 1,200 per sq.ft in 2024.

What is the land classification of Friends Nagar?

Friends Nagar is classified as Residential Special Type - I, indicating its primary use for residential purposes.

What are the stamp duty rates for property in Friends Nagar?

The stamp duty rate for property in Friends Nagar is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where is the Ambattur Sub Registrar Office located?

The Ambattur Sub Registrar Office is located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.