Guideline Value for NOVA ELEMENT 5

Nova Element 5 guideline value

The current guideline value of Nova Element 5 is Rs 2,130 per sq.ft, effective from 1 July 2024. This property is located in 44.Ayanambakkam village under the Konnur SRO, classified as Residential Class III Type - IV.

How the guideline value of Nova Element 5 has changed

In the 2017 revision, the guideline value for Nova Element 5 was Rs 1,943 per sq.ft. This figure remained unchanged in the 2023 revision. However, the 2024 revision saw an increase to Rs 2,130 per sq.ft, marking a 10% rise from the previous year.

Overall, from the 2017 revision to the 2024 revision, there has been a 10% increase in the guideline value. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in 44.Ayanambakkam

In 44.Ayanambakkam, there are 157 streets under the Konnur SRO with a 2024 guideline value ranging from Rs 801 to Rs 9,702 per sq.ft. The median guideline value for this area is Rs 1,300 per sq.ft, which means the guideline value of Nova Element 5 is above that median.

• Nova Element 5 Extension I: Rs 6,000 per sq.ft (2024)
• Nova Aradiya Nagar: Rs 4,000 per sq.ft (2024)
• NolamburRoad: Rs 2,200 per sq.ft (2024)
• Pachaiyappan nagar: Rs 1,300 per sq.ft (2024)
• Padasalai Street: Rs 1,300 per sq.ft (2024)
• New Century Nagar: Rs 1,400 per sq.ft (2024)

Stamp duty and registration fee for property in Nova Element 5

For a 1,000 sq.ft plot at the current guideline value of Rs 2,130 per sq.ft, the total guideline value would be Rs 21,30,000. The stamp duty at 7% would amount to Rs 1,49,100, and the registration fee at 2% would be Rs 42,600, bringing the total to Rs 1,91,700. It is important to note that the 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 detailed calculations.

Which Sub Registrar Office covers Nova Element 5?

The Sub Registrar Office that covers Nova Element 5 is the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in 44.Ayanambakkam

The guideline value plays a crucial role during the registration of property transactions in 44.Ayanambakkam. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property in this area.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property dealings. Buyers and sellers should be aware of the current guideline values to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Nova Element 5?

The current guideline value of Nova Element 5 is Rs 2,130 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

The guideline value increased from Rs 1,943 per sq.ft in 2023 to Rs 2,130 per sq.ft in 2024, marking a 10% increase.

What is the land classification for Nova Element 5?

Nova Element 5 is classified as Residential Class III Type - IV under the Konnur SRO.

Where can I find the Sub Registrar Office for Nova Element 5?

The Konnur Sub Registrar Office covers Nova Element 5, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How is stamp duty calculated for properties in Nova Element 5?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 21,30,000, the stamp duty would be Rs 1,49,100 at 7%.