Guideline Value for Nova Nagar

Nova Nagar guideline value

The current guideline value of Nova Nagar is Rs 1,210 per sq.ft, effective from 1 July 2024. This area is located in Baraniputjur village under the Kunrathur SRO, classified as Residential Special Type - II.

How the guideline value of Nova Nagar has changed

The guideline value of Nova Nagar has seen several revisions over the years. In 2007, the value was Rs 250 per sq.ft, which increased significantly to Rs 1,100 per sq.ft in 2012. However, it dropped to Rs 737 per sq.ft in 2017. The 2023 revision set the value at Rs 1,100 per sq.ft, before a notable increase to Rs 1,210 per sq.ft in 2024.

From 2017 to 2023, the value increased by 49%. The jump from 2023 to 2024 was 10%. The overall change from the 2007 revision to the current 2024 value reflects a substantial increase of 384%.

Guideline values in Baraniputjur

In Baraniputjur, there are 39 streets under the Kunrathur SRO, with 2024 guideline values ranging from Rs 700 to Rs 2,500 per sq.ft. The median value is Rs 1,210 per sq.ft, which matches the guideline value of Nova Nagar.

• Nova Nagar Annuxe: Rs 1,210 per sq.ft (2024)
• Perumal Koil Street: Rs 1,210 per sq.ft (2024)
• Pilliyar Koil Street: Rs 1,210 per sq.ft (2024)
• Poonamallee High Road: Rs 1,450 per sq.ft (2024)
• Mgk Vel Anenue: Rs 1,430 per sq.ft (2024)
• Mangadu - Moulivakkam Main Road: Rs 1,450 per sq.ft (2024)

Stamp duty and registration fee for property in Nova Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,210 per sq.ft, the total guideline value would be Rs 12,10,000. The stamp duty at 7% would be Rs 84,700, and the registration fee at 2% would be Rs 24,200, bringing the total to Rs 1,08,900. It is important 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 Nagar?

The Sub Registrar Office that covers Nova Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Baraniputjur. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value is referenced to calculate the applicable fees. Buyers should be aware that the duty is charged based on the higher amount between the guideline value and the sale price, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Nova Nagar?

The current guideline value of Nova Nagar is Rs 1,210 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 1,210 per sq.ft in 2024, reflecting an overall increase of 384% over the years.

What are the other streets in Baraniputjur with similar guideline values?

Other streets in Baraniputjur with a guideline value of Rs 1,210 per sq.ft in 2024 include Nova Nagar Annuxe, Perumal Koil Street, and Pilliyar Koil Street.

What is the stamp duty rate for property transactions in Nova Nagar?

The stamp duty rate for property transactions in Nova Nagar is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Kunrathur Sub Registrar Office?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find more information online.