Guideline Value for Kongu Nagar

Kongu Nagar guideline value

The current guideline value for Kongu Nagar is Rs 7,100 per sq.ft, effective from 1 July 2024. This area is located in Mugappair village and falls under the Konnur SRO, classified as Residential Special Type - I.

How the guideline value of Kongu Nagar has changed

The guideline value for Kongu Nagar has seen several revisions over the years. In 2002, it was Rs 546 per sq.ft, which increased to Rs 600 per sq.ft in 2003, marking a 10% rise. The value then rose significantly to Rs 1,500 per sq.ft in 2007, a 150% increase. Following this, the value surged to Rs 6,500 per sq.ft in 2012, reflecting a substantial 333% jump. However, it fell to Rs 4,355 per sq.ft in 2017, a decrease of 33%. The value then increased to Rs 6,500 per sq.ft in 2023, followed by the latest revision to Rs 7,100 per sq.ft in 2024, which represents a 9% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1200%. This shows a significant upward trend in the guideline value over the years.

Guideline values in Mugappair

In Mugappair, there are 224 streets under the Konnur SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 8,800 per sq.ft, with the median being Rs 7,100 per sq.ft. The guideline value for Kongu Nagar is equal to this median.

• Kubaeraganapathi Street: Rs 3,800 per sq.ft (2024)
• Kubera Colony: Rs 3,800 per sq.ft (2024)
• Karunanithi Nagar: Rs 3,800 per sq.ft (2024)
• Karnan Street: Rs 5,500 per sq.ft (2024)
• Kanniappan Street: Rs 7,100 per sq.ft (2024)
• Kannathamman Koil Street: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Kongu Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total cost for these fees to Rs 6,39,000. 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 details.

Which Sub Registrar Office covers Kongu Nagar?

The Sub Registrar Office that covers Kongu Nagar is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. For more information, 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 that must be paid during the transaction.

When a property is sold, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Kongu Nagar?

The current guideline value for Kongu Nagar is Rs 7,100 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 546 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, representing an overall increase of 1200%.

What is the classification of land in Kongu Nagar?

Kongu Nagar is classified as Residential Special Type - I under the Konnur SRO.

What are the stamp duty rates for property transactions in Kongu Nagar?

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

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

The Konnur Sub Registrar Office covers Kongu Nagar and is located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.