Guideline Value for HINDUSTAN MOTOR"S NAGAR

Hindustan Motor"s Nagar guideline value

The current guideline value of Hindustan Motor's Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Korattur village, under the Villivakkam SRO, and is classified as Residential Class III Type - III.

How the guideline value of Hindustan Motor"s Nagar has changed

The guideline value for Hindustan Motor's Nagar has seen several revisions over the years. The earliest recorded figure is from 2002, where the guideline value was Rs 118 per sq.ft. It increased significantly to Rs 610 per sq.ft in 2007, marking a 417% rise. In 2012, the value was revised to Rs 1,500 per sq.ft, which was a 146% increase from the previous figure. However, this was followed by a decrease to Rs 1,005 per sq.ft in 2017, reflecting a 33% drop. The value then rose to Rs 1,500 per sq.ft in 2023, and finally reached Rs 1,600 per sq.ft in 2024, showing a 7% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1256%. It is important to note that there is no figure available for the year 2003 in the register for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, placing Hindustan Motor's Nagar's 2024 figure below this median.

• Hiways Nagar: Rs 1,600 per sq.ft (2024)
• Imran Nagar: Rs 1,600 per sq.ft (2024)
• Hajmir Kaja Nagar: Rs 1,600 per sq.ft (2024)
• Haji Nagar: Rs 1,600 per sq.ft (2024)
• Gurusamy Nagar: Rs 1,600 per sq.ft (2024)
• Gramani Street (Thanthankuppam): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Hindustan Motor"s Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. 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 Hindustan Motor"s Nagar?

The Sub Registrar Office that covers Hindustan Motor's Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for further assistance.

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

The guideline value plays a crucial role during the registration of property transactions in Korattur. It is used to determine the stamp duty and registration fees applicable when buying or selling property in the area.

When a property is registered, the guideline value is compared with the sale price, and the duty is charged on the higher of the two. This ensures that the government receives the appropriate revenue from property transactions based on the established guideline values.

Frequently asked questions

What is the current guideline value of Hindustan Motor's Nagar?

The current guideline value of Hindustan Motor's Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 118 per sq.ft in 2002 to Rs 1,600 per sq.ft in 2024, showing an overall increase of 1256% over the years.

What is the registration office for Hindustan Motor's Nagar?

The registration office for Hindustan Motor's Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in Hindustan Motor's Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 16,00,000 would incur a stamp duty of Rs 1,12,000 at 7%.

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

Other streets in Korattur with the same guideline value of Rs 1,600 per sq.ft include Hiways Nagar, Imran Nagar, Hajmir Kaja Nagar, Haji Nagar, Gurusamy Nagar, and Gramani Street (Thanthankuppam).