Guideline Value for Begum Sahib 1st Street

Begum Sahib 1st Street guideline value

The current guideline value of Begum Sahib 1st Street is Rs 9,900 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village under the Chennai Central Joint II SRO, classified as Commercial Class I Type - II.

How the guideline value of Begum Sahib 1st Street has changed

The guideline value for Begum Sahib 1st Street has seen several revisions over the years. In the 2007 revision, the value was set at Rs 2,500 per sq.ft, which increased significantly to Rs 9,000 per sq.ft in 2012, marking a 260% rise. However, from 2012 to 2017, the value dropped to Rs 6,030 per sq.ft, reflecting a decrease of 33%. The 2023 revision raised the value to Rs 9,000 per sq.ft, and the most recent revision in 2024 has increased it further to Rs 9,900 per sq.ft, a change of 10%.

Overall, from the 2007 revision to the current 2024 figure, the guideline value has increased by 296%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, indicating that Begum Sahib 1st Street's current value is above this median.

• Begum Sahib 2nd Street: Rs 9,900 per sq.ft (2024)
• Begum Sahib 3rd Street: Rs 9,900 per sq.ft (2024)
• Begum Sahib 4th Street: Rs 9,900 per sq.ft (2024)
• Begum Sahib 5th Street: Rs 9,900 per sq.ft (2024)
• Begum Sahib 6th Street: Rs 9,900 per sq.ft (2024)
• Begum Sahib 7th Street: Rs 9,900 per sq.ft (2024)

Stamp duty and registration fee for property in Begum Sahib 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 9,900 per sq.ft, the total guideline value would be Rs 99,00,000. The stamp duty at 7% would amount to Rs 6,93,000, and the registration fee at 2% would be Rs 1,98,000, bringing the total to Rs 8,91,000. The duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Begum Sahib 1st Street?

The Sub Registrar Office that covers Begum Sahib 1st Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nungambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the stamp duty. This ensures that the transaction is recorded accurately and that the correct fees are applied, safeguarding both the buyer and seller's interests.

Frequently asked questions

What is the current guideline value of Begum Sahib 1st Street?

The current guideline value of Begum Sahib 1st Street is Rs 9,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2007 revision, the guideline value has increased significantly, from Rs 2,500 per sq.ft to Rs 9,900 per sq.ft in 2024, which represents an overall increase of 296%.

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

For a property valued at Rs 99,00,000, the stamp duty would be Rs 6,93,000 and the registration fee would be Rs 1,98,000, totaling Rs 8,91,000.

Which Sub Registrar Office handles registrations for Begum Sahib 1st Street?

The Chennai Central Joint II Sub Registrar Office is responsible for registrations in Begum Sahib 1st Street, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification of Begum Sahib 1st Street?

Begum Sahib 1st Street is classified as Commercial Class I Type - II, indicating its suitability for commercial activities.