Guideline Value for NOVA CITY

Nova City guideline value

The current guideline value for Nova City in Agaram_2 village, under the Perambakkam SRO, is Rs 200 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class I Type - I.

How the guideline value of Nova City has changed

The guideline value for Nova City has undergone several revisions over the years. The earliest recorded revision is from 2017, where the guideline value was Rs 134 per sq.ft. This figure was revised to Rs 200 per sq.ft in 2023, marking a significant increase of 49%. The same rate of Rs 200 per sq.ft has been maintained in the subsequent 2024 revision, resulting in no change from the previous year.

In summary, from the 2017 revision to the 2024 revision, there has been an overall increase of 49%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Agaram_2

Currently, no specific guideline values are available for other streets in Agaram_2 under the Perambakkam SRO. Therefore, the focus remains on the guideline value for Nova City.

Stamp duty and registration fee for property in Nova City

For a 1,000 sq.ft plot at the current rate of Rs 200 per sq.ft, the guideline value amounts to Rs 2,00,000. The stamp duty at 7% would be Rs 14,000, and the registration fee at 2% would be Rs 4,000, totaling Rs 18,000. It is essential to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nova City?

The Sub Registrar Office that covers Nova City is the Perambakkam Sub Registrar Office, located at Jothi Ramalinga Nagar, Near Post Office, Perambakkam, 631402, Chennai registration zone. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in Agaram_2

The guideline value plays a crucial role in the registration process when buying or selling property in Agaram_2. It serves as a benchmark for determining the stamp duty and registration fees applicable during the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value for Nova City?

The current guideline value for Nova City in Agaram_2 village is Rs 200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 134 per sq.ft in 2017 to Rs 200 per sq.ft in 2023 and has remained the same in 2024, reflecting a total increase of 49% from 2017 to 2024.

What are the stamp duty and registration fees for property in Nova City?

For a property valued at Rs 2,00,000, the stamp duty is Rs 14,000 at 7%, and the registration fee is Rs 4,000 at 2%, totaling Rs 18,000.

Which Sub Registrar Office covers Nova City?

The Perambakkam Sub Registrar Office covers Nova City, located at Jothi Ramalinga Nagar, Near Post Office, Perambakkam, 631402, Chennai registration zone.

How is the guideline value used during property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. The higher value between the guideline and the sale price is taken into account for calculating the applicable duties and fees.