Guideline Value for NATIONAL HIGH WAYS ROAD

National High Ways Road guideline value

The current guideline value of National High Ways Road is Rs 2,900 per sq.ft, effective from 1 July 2024. This road is located in Korattur village and falls under the Villivakkam SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of National High Ways Road has changed

The guideline value for National High Ways Road has seen several revisions over the years. The 2012 revision set the value at Rs 2,700 per sq.ft, which then decreased to Rs 1,809 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,700 per sq.ft, and the latest revision in 2024 raised it further to Rs 2,900 per sq.ft.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. The most recent change from 2023 to 2024 reflects a 7% increase. Overall, from 2012 to 2024, the guideline value has increased by 7%. The register has no figures for this street in the years 2002, 2003, and 2007.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, making the current value of National High Ways Road above that median.

• N.A.S.Garden: Rs 2,900 per sq.ft (2024)
• N.A.S.Avenue: Rs 2,900 per sq.ft (2024)
• Nammalvar Nagar: Rs 2,100 per sq.ft (2024)
• Nethaji Nagar (Madanakuppam): Rs 1,300 per sq.ft (2024)
• Nethaji Nagar (S.No.213): Rs 1,600 per sq.ft (2024)
• NETHAJI NAGAR (S.No.647, 654) (Kallikuppam): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in National High Ways Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,900 per sq.ft, the total guideline value would be Rs 29,00,000. The stamp duty at 7% would be Rs 2,03,000, and the registration fee at 2% would be Rs 58,000, bringing the total cost for these fees to Rs 2,61,000. 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 details.

Which Sub Registrar Office covers National High Ways Road?

The National High Ways Road is covered by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Korattur. It is used to determine the stamp duty and registration fees that must be paid during the registration process. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the sale price.

When a property is registered, the guideline value helps establish a legal framework for transactions, ensuring that the value is aligned with government regulations. Understanding the guideline value is essential for both buyers and sellers to ensure compliance and accurate financial planning.

Frequently asked questions

What is the current guideline value of National High Ways Road?

The current guideline value of National High Ways Road is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,700 per sq.ft in 2023 to Rs 2,900 per sq.ft in 2024, reflecting a 7% increase. The value was Rs 1,809 per sq.ft in 2017 and Rs 2,700 per sq.ft in 2012.

What is the land classification for National High Ways Road?

The land classification for National High Ways Road is Residential Class II Type - II.

What are the other streets in Korattur with their guideline values?

Other streets in Korattur include N.A.S.Garden and N.A.S.Avenue, both at Rs 2,900 per sq.ft, while Nammalvar Nagar is at Rs 2,100 per sq.ft. Nethaji Nagar (Madanakuppam) is valued at Rs 1,300 per sq.ft.

Where can I find the Villivakkam Sub Registrar Office?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.