Guideline Value for HIWAYS NAGAR

Hiways Nagar guideline value

The current guideline value of Hiways Nagar, located in Korattur village under the Villivakkam SRO, is Rs 1,600 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class III Type - III land classification.

How the guideline value of Hiways Nagar has changed

The guideline value for Hiways Nagar has undergone several revisions over the years. In 2012, the value was set at Rs 1,500 per sq.ft, which later dropped to Rs 1,005 per sq.ft in 2017. Following this, the 2023 revision saw an increase to Rs 1,500 per sq.ft, and the most recent revision in 2024 raised it further to Rs 1,600 per sq.ft. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

The changes in the guideline value reflect a significant increase of 49% from 2017 to 2023, followed by a 7% rise from 2023 to 2024. Overall, from 2012 to 2024, the guideline value has increased by 7%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with 2024 guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value in this area is Rs 2,500 per sq.ft, indicating that Hiways Nagar's current value is below this median.

• Hindustan Motor's 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 Hiways Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value is 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 calculate your stamp duty and registration fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Hiways Nagar?

The Sub Registrar Office that covers Hiways Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your specific SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in property transactions in Korattur. It is used to determine the stamp duty and registration fees that must be paid during the registration of a property. Buyers and sellers should be aware that the guideline value is often considered the minimum value for the property, ensuring that the transaction is registered at a fair value.

When a property is sold, the guideline value is referenced to ascertain the applicable charges. If the sale price exceeds the guideline value, the duty is calculated based on the sale price. This ensures that all transactions are documented accurately and in compliance with local regulations.

Frequently asked questions

What is the current guideline value of Hiways Nagar?

The current guideline value of Hiways 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 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What is the land classification of Hiways Nagar?

Hiways Nagar is classified as Residential Class III Type - III.

Where can I find the Sub Registrar Office for Hiways Nagar?

The Sub Registrar Office for Hiways 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 Hiways Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For instance, a 1,000 sq.ft plot at Rs 1,600 per sq.ft would incur a total guideline value of Rs 16,00,000, leading to a stamp duty of Rs 1,12,000.