Guideline Value for North Jaganatha Nagar Third Prathna Salai

North Jaganatha Nagar Third Prathna Salai guideline value

The current guideline value of North Jaganatha Nagar Third Prathna Salai is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Konnur village, under the Konnur SRO, and is classified as Residential Class I Type - I.

How the guideline value of North Jaganatha Nagar Third Prathna Salai has changed

The guideline value for North Jaganatha Nagar Third Prathna Salai has seen several revisions over the years. The earliest recorded value was Rs 391 per sq.ft in 2003. This figure increased to Rs 700 per sq.ft in 2007, marking a significant rise of 79%. By 2012, the value had jumped to Rs 5,000 per sq.ft, reflecting an increase of 614%. However, in 2017, the value decreased to Rs 3,350 per sq.ft, a decline of 33%. The 2023 revision set the value at Rs 5,000 per sq.ft, which then increased to Rs 5,500 per sq.ft in 2024, representing a 10% rise.

Overall, from 2003 to 2024, the guideline value has increased by 1,307%. The register for 2002 does not contain a figure for this street.

Guideline values in Konnur

In Konnur, there are 249 streets under the Konnur SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 7,100 per sq.ft, with a median value of Rs 3,800 per sq.ft. North Jaganatha Nagar Third Prathna Salai's 2024 figure is above this median.

• North Jaganatha Nagar Second Prathna Salai: Rs 5,500 per sq.ft (2024)
• North Jaganatha Nagar Second Cross Street: Rs 5,500 per sq.ft (2024)
• North Jaganatha Nagar I Cross Street: Rs 5,500 per sq.ft (2024)
• North Jaganatha Nagar First Prathna Salai: Rs 5,500 per sq.ft (2024)
• North Jaganatha Nagar Annex: Rs 5,500 per sq.ft (2024)
• North Jaganatha Nagar 1 to 12 Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in North Jaganatha Nagar Third Prathna Salai

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total cost for these fees to Rs 4,95,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers North Jaganatha Nagar Third Prathna Salai?

The Sub Registrar Office that covers North Jaganatha Nagar Third Prathna Salai is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration process of property transactions in Konnur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for legal ownership transfer. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of North Jaganatha Nagar Third Prathna Salai?

The current guideline value of North Jaganatha Nagar Third Prathna Salai is Rs 5,500 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 391 per sq.ft in 2003 to Rs 5,500 per sq.ft in 2024, which is an overall increase of 1,307% over this period.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which office handles property registrations in North Jaganatha Nagar Third Prathna Salai?

The Konnur Sub Registrar Office handles property registrations for North Jaganatha Nagar Third Prathna Salai, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

What is the land classification for North Jaganatha Nagar Third Prathna Salai?

North Jaganatha Nagar Third Prathna Salai is classified as Residential Class I Type - I.