Guideline Value for Hani Colony

Hani Colony guideline value

The current guideline value of Hani Colony, located in Mugappair village under the Konnur SRO, is Rs 3,800 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Hani Colony has changed

The guideline value for Hani Colony has seen several revisions over the years. In 2002, the value was Rs 273 per sq.ft, which increased to Rs 300 per sq.ft in 2003. Following this, there was a significant rise to Rs 800 per sq.ft in 2007, and then to Rs 3,500 per sq.ft in 2012. However, it decreased to Rs 2,345 per sq.ft in 2017 before climbing to Rs 3,500 per sq.ft in 2023. The latest revision in 2024 has set the value at Rs 3,800 per sq.ft.

Notably, the change from 2023 to 2024 reflects an increase of 9%. The value saw a substantial increase of 49% from 2017 to 2023. The decrease from 2012 to 2017 was 33%, while the increase from 2007 to 2012 was 338%. The value rose by 167% from 2003 to 2007 and by 10% from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has increased by 1,292%.

Guideline values in Mugappair

Mugappair village has a total of 224 streets under the Konnur SRO, with 2024 guideline values ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median value for these streets is Rs 7,100 per sq.ft, indicating that Hani Colony's 2024 figure is below this median.

• Greenvies Colony: Rs 7,100 per sq.ft (2024)
• Govindasamy Street: Rs 5,700 per sq.ft (2024)
• Gopal Nayakkar Nagar: Rs 3,800 per sq.ft (2024)
• Goodwill Apartment: Rs 7,100 per sq.ft (2024)
• Golden George Rathinam Salai: Rs 7,100 per sq.ft (2024)
• Golden George Nagar Vasantha Sreet: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Hani Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value amounts to Rs 38,00,000. The stamp duty, calculated at 7%, would be Rs 2,66,000, while the registration fee at 2% would be Rs 76,000. Together, the total cost for these fees would amount to Rs 3,42,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more information on calculating these fees.

Which Sub Registrar Office covers Hani Colony?

The Sub Registrar Office that covers Hani Colony is the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. For more details, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Mugappair. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is used to calculate the stamp duty, ensuring that the fees are aligned with the current valuation of the property. This helps maintain transparency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Hani Colony?

The current guideline value of Hani Colony is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 273 per sq.ft in 2002 to Rs 3,800 per sq.ft in 2024, reflecting an overall increase of 1,292% over this period.

What is the land classification for Hani Colony?

Hani Colony falls under the Residential Class II Type - I land classification.

Which Sub Registrar Office covers Hani Colony?

The Konnur Sub Registrar Office covers Hani Colony, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How is the stamp duty calculated for properties in Hani Colony?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 2,66,000.