Guideline Value for ULTRA MODERN CITY

Ultra Modern City guideline value

The current guideline value of Ultra Modern City, located in Pothur village under the Redhills SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of Ultra Modern City has changed

The guideline value for Ultra Modern City has seen several revisions over the years. The 2012 revision set the value at Rs 500 per sq.ft, which then decreased to Rs 335 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 500 per sq.ft, and the most recent 2024 revision has raised it to Rs 550 per sq.ft, marking a 10% increase from the previous year.

Looking at the changes over the years, from 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased significantly by 49%. Overall, from 2012 to 2024, the guideline value has seen a net increase of 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Pothur

In Pothur, there are 98 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 2,000 per sq.ft, with the median value being Rs 550 per sq.ft. The guideline value for Ultra Modern City aligns with this median.

• Vel Mega City Phase - I: Rs 550 per sq.ft (2024)
• Thiru Nagar II: Rs 550 per sq.ft (2024)
• Thiru Nagar-1: Rs 550 per sq.ft (2024)
• Thiru Nagar: Rs 550 per sq.ft (2024)
• Thirumullai Lake View Garden: Rs 440 per sq.ft (2024)
• Vijayalakshmi Nagar: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Ultra Modern City

For a 1,000 sq.ft plot at the current guideline value of Rs 5,50,000, the stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, totaling Rs 49,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Ultra Modern City?

The Sub Registrar Office that covers Ultra Modern City is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Pothur. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the public domain.

When a buyer approaches the registration office, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both the buyer and the seller are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Ultra Modern City?

The current guideline value of Ultra Modern City is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then increased to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024.

What is the land classification of Ultra Modern City?

Ultra Modern City is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty rates for property in Ultra Modern City?

The stamp duty for property in Ultra Modern City is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Ultra Modern City located?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.