Guideline Value for Model House

Model House guideline value

The current guideline value for Model House in Kodambakkam village, under the Ashok Nagar SRO, is Rs 7,700 per sq.ft, effective from 1 July 2024. This area is classified as Mixed Type - II.

How the guideline value of Model House has changed

The guideline value for Model House has seen significant changes over the years. The earliest recorded revision was in 2007, with a guideline value of Rs 1,210 per sq.ft. This figure increased dramatically to Rs 7,000 per sq.ft in 2012, marking a rise of 479%. However, the value then decreased to Rs 4,690 per sq.ft in 2017, a drop of 33%. The value continued to rise, reaching Rs 7,000 per sq.ft in 2023, and then increased again to Rs 7,700 per sq.ft in 2024, representing a 10% increase.

From 2017 to 2023, the guideline value rose by 49%. Overall, from 2007 to 2024, the increase is substantial at 536%. It is important to note that the register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO, with 2024 guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, placing Model House above this median.

• M.M. Ramasamy Street: Rs 4,100 per sq.ft (2024)
• Moogambikai Street: Rs 4,100 per sq.ft (2024)
• Moonai Garden Thottam Pillaiyar Koil Street: Rs 4,100 per sq.ft (2024)
• Moovender Street: Rs 3,300 per sq.ft (2024)
• M.P.C. Street (Ma.Po.C) (M.G.R.Nagar): Rs 3,300 per sq.ft (2024)
• M.G.R. Street (Bharathi Nagar): Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Model House

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total to Rs 6,93,000. Please note that duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Model House?

The Sub Registrar Office that covers Model House is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kodambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the government records.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the transfer of ownership. This ensures transparency and helps in maintaining a fair process during property transactions.

Frequently asked questions

What is the current guideline value for Model House?

The current guideline value for Model House is Rs 7,700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has seen significant changes, with an overall increase of 536% from Rs 1,210 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024.

What are the registration fees based on the guideline value?

The registration fees are calculated based on the guideline value, which is Rs 7,700 per sq.ft for Model House. For a 1,000 sq.ft plot, the total registration fee would amount to Rs 1,54,000.

Where can I find the Sub Registrar Office for Model House?

The Sub Registrar Office for Model House is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the significance of guideline value in property transactions?

The guideline value is significant as it determines the minimum value for property registration and is used to calculate stamp duty and registration fees, ensuring a transparent and fair transaction process.