Guideline Value for Bramin Street

Bramin Street guideline value

The current guideline value of Bramin Street in Nanmangalam village, under the Pallavaram SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of Bramin Street has changed

The guideline value for Bramin Street has seen several revisions over the years. In 2002, the guideline value was Rs 60 per sq.ft. This increased to Rs 85 per sq.ft in 2003, marking a rise of 42%. The value then experienced significant growth, reaching Rs 400 per sq.ft in 2007, which was a 371% increase. Following this, the value surged to Rs 2,500 per sq.ft in 2012, reflecting a remarkable increase of 525%. However, the value decreased to Rs 1,675 per sq.ft in 2017, a drop of 33%. The guideline value then rose to Rs 2,500 per sq.ft in 2023, showing an increase of 49%. Currently, in 2024, the guideline value stands at Rs 2,750 per sq.ft, a 10% increase from the previous year.

Throughout these years, the overall increase from 2002 to 2024 is a substantial 4,483%. There are no revisions in the register for any other years apart from those mentioned.

Guideline values in Nanmangalam

Nanmangalam village has a total of 139 streets under the Pallavaram SRO, with guideline values for 2024 ranging from Rs 1,960 to Rs 3,850 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, which is the same as the current value for Bramin Street.

• Bharathi Street: Rs 1,960 per sq.ft (2024)
• Bharath Avenue: Rs 1,960 per sq.ft (2024)
• Chockalingam Street: Rs 1,980 per sq.ft (2024)
• Chormpet Salai 1 To 3 Street: Rs 3,850 per sq.ft (2024)
• Balasubramaniya Nagar: Rs 1,960 per sq.ft (2024)
• Balaraman Street: Rs 1,960 per sq.ft (2024)

Stamp duty and registration fee for property in Bramin Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, these fees would total Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bramin Street?

The Sub Registrar Office that covers Bramin Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a critical factor when registering property transactions in Nanmangalam. 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 legal requirements during the registration process.

When a property is bought or sold, the guideline value is used to calculate applicable fees, including stamp duty and registration fees. These fees are based on the guideline value or the sale price, whichever is higher, ensuring that the transaction is properly documented and taxed.

Frequently asked questions

What is the current guideline value of Bramin Street?

The current guideline value of Bramin Street is Rs 2,750 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 60 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 4,483% over this period.

What are the stamp duty and registration fees for property in Bramin Street?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which office handles registrations for Bramin Street?

The Pallavaram Sub Registrar Office handles registrations for Bramin Street, located at 7th Main Road, New Colony, Chromepet, Chennai-600044.

What is the significance of the guideline value in property transactions?

The guideline value is used as a benchmark for determining the minimum value for property registration. It is essential for calculating stamp duty and registration fees during property transactions in Nanmangalam.