Guideline Value for Farthima Nagar

Farthima Nagar guideline value

The current guideline value of Farthima Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Nemilicherry village, under the Pallavaram Sub Registrar Office (SRO). The land classification for this street is Residential Class I Type - III.

How the guideline value of Farthima Nagar has changed

Over the years, the guideline value for Farthima Nagar has seen several revisions. The 2007 revision set the value at Rs 1,084 per sq.ft, which increased significantly to Rs 2,200 per sq.ft in the 2012 revision. However, this was followed by a decrease to Rs 1,474 per sq.ft in 2017. The value then rose to Rs 2,000 per sq.ft in 2023, and the latest revision in 2024 has increased it further to Rs 2,200 per sq.ft.

From 2017 to 2023, there was a notable increase of 36%. The jump from 2023 to 2024 reflects a 10% rise. Overall, from the 2007 revision to the current 2024 figure, there has been a substantial increase of 103%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO that have a guideline value for 2024, ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 2,160 per sq.ft, placing Farthima Nagar's current value above this median.

• Fathima Nagar Extn: Rs 2,200 per sq.ft (2024)
• English Electric Nagar: Rs 3,300 per sq.ft (2024)
• Gandhi Street: Rs 2,160 per sq.ft (2024)
• Durikannu Salai: Rs 2,200 per sq.ft (2024)
• Duraisamy Street/Nagar: Rs 2,160 per sq.ft (2024)
• Durairagubathi Street: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Farthima Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000. Together, the total cost for these fees would be Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Farthima Nagar?

The Sub Registrar Office that covers Farthima 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 Nemilicherry

The guideline value is a crucial factor in property transactions in Nemilicherry. It serves as a benchmark for determining the minimum value of properties for registration purposes. When a property is sold, the guideline value helps in calculating the applicable stamp duty and registration fees.

During the registration process, the guideline value is used to ensure that the property is not undervalued. Buyers and sellers must be aware that the stamp duty is charged based on the higher of the guideline value or the sale price, which can significantly impact the total cost involved in the transaction.

Frequently asked questions

What is the current guideline value of Farthima Nagar?

The current guideline value of Farthima Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,084 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2012, then decreased to Rs 1,474 per sq.ft in 2017, increased to Rs 2,000 per sq.ft in 2023, and is now Rs 2,200 per sq.ft in 2024.

What are the other streets in Nemilicherry and their guideline values?

Other streets in Nemilicherry include Fathima Nagar Extn at Rs 2,200 per sq.ft, English Electric Nagar at Rs 3,300 per sq.ft, and Gandhi Street at Rs 2,160 per sq.ft, among others.

What is the stamp duty rate for properties in Farthima Nagar?

The stamp duty rate for properties in Farthima Nagar is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Farthima Nagar located?

The Sub Registrar Office for Farthima Nagar is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.