Guideline Value for UMA NAGAR

Uma Nagar guideline value

The current guideline value of Uma Nagar, located in Korattur village under the Villivakkam Sub Registrar Office (SRO), is Rs 2,500 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - III.

How the guideline value of Uma Nagar has changed

The guideline value for Uma Nagar has seen several revisions over the years. Starting from Rs 77 per sq.ft in 2002, the value increased significantly to Rs 250 per sq.ft in 2007. The 2012 revision saw a drop to Rs 2,300 per sq.ft, followed by a decrease to Rs 1,541 per sq.ft in 2017. The most recent revisions show an increase to Rs 2,300 per sq.ft in 2023 and a further rise to the current value of Rs 2,500 per sq.ft in 2024.

Between these revisions, the changes are notable. From 2002 to 2007, there was a substantial increase of 225%. The value then surged by 820% from 2007 to 2012. However, the value decreased by 33% from 2012 to 2017. The guideline value rose by 49% from 2017 to 2023 and increased again by 9% from 2023 to 2024. The overall increase from 2002 to 2024 stands at an impressive 3147%. It is important to note that the register has no figure for Uma Nagar in 2003.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value is Rs 2,500 per sq.ft, which matches the current guideline value for Uma Nagar.

• T.V.S.Nagar Part (East North): Rs 3,300 per sq.ft (2024)
• T.V.S.Nagar Extension: Rs 3,300 per sq.ft (2024)
• T.V.S.Nagar East Annex / Streets: Rs 3,300 per sq.ft (2024)
• T.V.S.Nagar Avenue: Rs 3,300 per sq.ft (2024)
• T.V.S.Nagar Annex 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• T.V.S.Nagar Annex 1 To 3: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Uma Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, totaling Rs 2,25,000. 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 more details.

Which Sub Registrar Office covers Uma Nagar?

Uma Nagar falls under the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your SRO, visit find your SRO.

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

The guideline value is a crucial factor during property registration in Korattur. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations and to avoid any legal issues during the transaction.

When registering a property, the guideline value impacts the stamp duty and registration fees, which are calculated based on this value. As such, understanding the guideline value is essential for both buyers and sellers to accurately assess the costs associated with property transactions in the area.

Frequently asked questions

What is the current guideline value of Uma Nagar?

The current guideline value of Uma Nagar is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value of Uma Nagar changed over the years?

The guideline value has increased from Rs 77 per sq.ft in 2002 to Rs 2,500 per sq.ft in 2024, reflecting a significant overall increase of 3147% over the years.

What is the land classification of Uma Nagar?

Uma Nagar is classified as Residential Class II Type - III, indicating its suitability for residential purposes.

Where can I find the Villivakkam Sub Registrar Office?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is stamp duty calculated for properties in Uma Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value incurs a stamp duty of Rs 1,75,000.