Guideline Value for Durga Nagar

Durga Nagar guideline value

The current guideline value of Durga Nagar, located in Thiruneermalai village under the Pammal SRO, is Rs 2,420 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 Durga Nagar has changed

The guideline value for Durga Nagar has seen several revisions over the years. The earliest recorded figure was Rs 294 per sq.ft in 2003, which increased significantly to Rs 1,945 per sq.ft in 2007. However, the value then decreased to Rs 1,474 per sq.ft in 2017. Following this, the guideline value rose to Rs 2,200 per sq.ft in 2023 and is now set at Rs 2,420 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 723%. Notably, there are no figures available for the years 2002 and 2012 in the register for this street.

Guideline values in Thiruneermalai

In Thiruneermalai, there are 316 streets under the Pammal SRO that carry a 2024 guideline value, ranging from Rs 1,320 to Rs 6,240 per sq.ft. The median value is Rs 2,420 per sq.ft, which aligns with the current value of Durga Nagar.

• Durgai Amman Street: Rs 2,200 per sq.ft (2024)
• Durga Nagar Agathiyar Street: Rs 2,420 per sq.ft (2024)
• Durga Nagar Ambedkar Street: Rs 2,420 per sq.ft (2024)
• Durga Nagar Annai Theresa Street: Rs 2,420 per sq.ft (2024)
• Durga Nagar Avvaiyar Street: Rs 2,420 per sq.ft (2024)
• Durga Nagar Bharathidhasan 1st Cross Street: Rs 2,420 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 2,420 per sq.ft, the total guideline value amounts to Rs 24,20,000. The stamp duty at 7% would be Rs 1,69,400, and the registration fee at 2% would be Rs 48,400, bringing the total cost to Rs 2,17,800. 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 Durga Nagar?

The Sub Registrar Office that covers Durga Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Thiruneermalai, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for legal documentation.

It is important to note that the guideline value is regularly revised to reflect changes in the real estate market. Buyers and sellers should be aware that the stamp duty is charged based on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Durga Nagar?

The current guideline value of Durga Nagar is Rs 2,420 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 294 per sq.ft in 2003 to Rs 2,420 per sq.ft in 2024, reflecting an overall increase of 723% over the years.

What are the registration fees associated with property transactions in Durga Nagar?

The registration fees include a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Which office handles property registrations in Durga Nagar?

The Pammal Sub Registrar Office handles property registrations for Durga Nagar, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

What is the significance of the guideline value?

The guideline value is significant as it serves as the minimum benchmark for property registration, influencing the stamp duty and registration fees payable during property transactions.