Guideline Value for Hamithiya Nagar

Hamithiya Nagar guideline value

The current guideline value of Hamithiya Nagar, located in Padappai village under the Padappai SRO, is Rs 1,320 per sq.ft as per the 2024 revision effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of Hamithiya Nagar has changed

The guideline value for Hamithiya Nagar has seen several revisions over the years. The earliest recorded figure is from 2012, where the value was Rs 1,200 per sq.ft. This was followed by a decrease in 2017 to Rs 804 per sq.ft, marking a decline of 33%. In 2023, the value increased to Rs 1,200 per sq.ft, and then further rose to Rs 1,320 per sq.ft in 2024, reflecting a 10% increase.

From 2012 to 2024, the overall change in the guideline value is an increase of 10%. Notably, there are no recorded figures for Hamithiya Nagar in the years 2002, 2003, and 2007.

Guideline values in Padappai

In Padappai, there are 146 streets under the Padappai SRO with a 2024 guideline value ranging from Rs 440 to Rs 4,000 per sq.ft. The median value for these streets is Rs 830 per sq.ft, placing Hamithiya Nagar's 2024 figure above this median.

• Haji Anserdeen Avenue: Rs 3,300 per sq.ft (2024)
• Hagiyar Nagar: Rs 3,300 per sq.ft (2024)
• Haritha Nagar: Rs 830 per sq.ft (2024)
• Hasan Nagar: Rs 1,320 per sq.ft (2024)
• Hayath Nagar: Rs 830 per sq.ft (2024)
• Green Park Avenue: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Hamithiya Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total fees to Rs 1,18,800. 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 information.

Which Sub Registrar Office covers Hamithiya Nagar?

The Sub Registrar Office that covers Hamithiya Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is an essential factor during the registration of property transactions in Padappai. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being sold or purchased.

When a buyer or seller engages in a transaction, the guideline value helps ensure that the fees are calculated fairly based on the property's value as determined by the local authorities. This process is crucial for legal compliance and to avoid any potential disputes during the registration process.

Frequently asked questions

What is the current guideline value of Hamithiya Nagar?

The current guideline value of Hamithiya Nagar is Rs 1,320 per sq.ft as per the 2024 revision effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then back to Rs 1,200 per sq.ft in 2023 and finally to Rs 1,320 per sq.ft in 2024.

What is the land classification for Hamithiya Nagar?

Hamithiya Nagar falls under the Residential Class I Type - I land classification, which is important for understanding the use and development potential of the land.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value incurs a total fee of Rs 1,18,800.

Where is the Sub Registrar Office for Hamithiya Nagar located?

The Padappai Sub Registrar Office is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone, and it handles the registration of properties in Hamithiya Nagar.