Guideline Value for Durga Nagar

Durga Nagar guideline value

The current guideline value of Durga Nagar, located in Nanmangalam village under the Pallavaram SRO, is Rs 1,980 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - III.

How the guideline value of Durga Nagar has changed

The guideline value for Durga Nagar has undergone several revisions over the years. In 2002, the value was Rs 66 per sq.ft, which increased significantly to Rs 113 per sq.ft in 2003, marking a change of +71%. By 2007, the value rose dramatically to Rs 750 per sq.ft, a change of +564%. The 2012 revision saw a decrease to Rs 1,800 per sq.ft, reflecting a -33% change. In 2017, the value increased to Rs 1,206 per sq.ft, and then it rose sharply to Rs 1,800 per sq.ft in 2023, with a change of +49%. The most recent revision in 2024 set the guideline value at Rs 1,980 per sq.ft, an increase of +10% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by +2900%. The register has no figures for the years not listed in the revisions.

Guideline values in Nanmangalam

Nanmangalam village has 139 streets under the Pallavaram SRO, with 2024 guideline values ranging from Rs 1,960 to Rs 3,850 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, placing Durga Nagar's 2024 figure below that median.

• Durga Nagar 1 To 4 Street: Rs 1,980 per sq.ft (2024)
• Dr. Ambedkar Street: Rs 2,750 per sq.ft (2024)
• Elango Street: Rs 1,960 per sq.ft (2024)
• Elumalai Salai: Rs 2,750 per sq.ft (2024)
• Elumalai Salai 1 To 7 Streets: Rs 2,750 per sq.ft (2024)
• Friends Avenue: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Durga Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total guideline value would be Rs 19,80,000. The stamp duty at 7% would amount to Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, totaling Rs 1,78,200. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Durga Nagar?

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

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

The guideline value is a crucial factor in property transactions in Nanmangalam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration office will use the guideline value to calculate applicable duties and fees.

When registering a property, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. This value is used to assess stamp duty and registration fees, which are essential costs for any property transaction.

Frequently asked questions

What is the current guideline value of Durga Nagar?

The current guideline value of Durga Nagar is Rs 1,980 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, increasing from Rs 66 per sq.ft in 2002 to Rs 1,980 per sq.ft in 2024, which is an overall increase of +2900%.

What are the stamp duty and registration fees for property in Durga Nagar?

For a property valued at Rs 19,80,000, the stamp duty would be Rs 1,38,600 and the registration fee would be Rs 39,600, totaling Rs 1,78,200.

Which office handles property registrations in Durga Nagar?

The Pallavaram Sub Registrar Office handles property registrations in Durga Nagar, 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 to determine the minimum registration value for properties, influencing the calculation of stamp duty and registration fees during property transactions.