Guideline Value for Sparton Nagar

Sparton Nagar guideline value

The current guideline value of Sparton Nagar is Rs 7,100 per sq.ft, effective from 1 July 2024. This locality is situated in Mugappair village, under the Konnur SRO, and is classified as Residential Special Type - I.

How the guideline value of Sparton Nagar has changed

The guideline value for Sparton Nagar has undergone several revisions since 2002. In 2002, the value was Rs 891 per sq.ft, which increased to Rs 978 per sq.ft in 2003, marking a 10% rise. The value further climbed to Rs 2,000 per sq.ft in 2007, reflecting a significant increase of 104%. By 2012, the figure was Rs 6,500 per sq.ft, showcasing a 225% growth from the previous revision. However, it experienced a decline of 33% to Rs 4,355 per sq.ft in 2017.

From 2017 to 2023, the guideline value surged by 49% to reach Rs 6,500 per sq.ft. The most recent revision in 2024 saw a further increase of 9%, bringing the current guideline value to Rs 7,100 per sq.ft. The overall change from 2002 to 2024 is a remarkable 697% increase.

Guideline values in Mugappair

In Mugappair village, there are 224 streets under the Konnur SRO, with 2024 guideline values ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median value for these streets is Rs 7,100 per sq.ft, making Sparton Nagar's current guideline value equal to this median.

• Sribalaji Avenue: Rs 7,100 per sq.ft (2024)
• S.M. Narayanan Nagar: Rs 7,100 per sq.ft (2024)
• Singarampillai Street: Rs 3,300 per sq.ft (2024)
• Srinivasa Nagar: Rs 5,500 per sq.ft (2024)
• Srinivasa Nagar Anna Street & 1st,2nd and 3rd Cross Street: Rs 5,500 per sq.ft (2024)
• Srinivasa Nagar Kamaraj Ist Cross and Extension: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Sparton Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty, charged at 7%, would be Rs 4,97,000, while the registration fee at 2% would be Rs 1,42,000. Together, the total charges would be Rs 6,39,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Sparton Nagar?

The Sub Registrar Office that covers Sparton Nagar is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Mugappair, as it determines the minimum price at which a property can be registered. When a buyer and seller agree on a sale price, the higher of the sale price or the guideline value is used to calculate the stamp duty and registration fees.

Understanding the guideline value is essential for both buyers and sellers, as it ensures compliance with legal requirements during the registration process. It also provides a clear framework for assessing property transactions in the area.

Frequently asked questions

What is the current guideline value of Sparton Nagar?

The current guideline value of Sparton Nagar is Rs 7,100 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 891 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 697% over this period.

What are the guideline values for other streets in Mugappair?

Other streets in Mugappair have varying guideline values, with rates ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median value for these streets is Rs 7,100 per sq.ft.

What fees are associated with property registration in Sparton Nagar?

When registering property in Sparton Nagar, buyers should expect to pay a stamp duty of 7% and a registration fee of 2% based on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for Sparton Nagar located?

The Konnur Sub Registrar Office, which covers Sparton Nagar, is located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.