Guideline Value for MAIN STREET (WARD -8)

Main Street (Ward -8) guideline value

The current guideline value of Main Street (Ward -8) in Ninna Karai village is Rs 1,321 per sq.ft, effective from 1 July 2024. This street falls under the Chengleput Joint II SRO and is classified as Residential Special Type - V.

How the guideline value of Main Street (Ward -8) has changed

The guideline value for Main Street (Ward -8) has seen several revisions over the years. In 2012, the guideline value was Rs 1,200 per sq.ft, which then decreased to Rs 804 per sq.ft in 2017. However, from 2017 to 2023, it increased significantly by 49% to reach Rs 1,200 per sq.ft. The most recent revision in 2024 set the guideline value at Rs 1,321 per sq.ft, marking a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Ninna Karai

Ninna Karai village has a total of 449 streets under the Chengleput Joint II SRO, with guideline values ranging from Rs 440 to Rs 3,500 per sq.ft. The median guideline value in the village is Rs 1,100 per sq.ft, which means that Main Street's 2024 figure is above this median.

• Malar Aveunue (N): Rs 660 per sq.ft (2024)
• Maha Ngar Phase -1,2,3 (Pa): Rs 660 per sq.ft (2024)
• Mamarathu Gate Union Road (Per): Rs 990 per sq.ft (2024)
• Mahalakshmi Enclave: Rs 990 per sq.ft (2024)
• Mangayarkarasi Street (Ward -6): Rs 1,760 per sq.ft (2024)
• Manickavasagar Street (Ward -6): Rs 1,321 per sq.ft (2024)

Stamp duty and registration fee for property in Main Street (Ward -8)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,321 per sq.ft, the total guideline value would be Rs 13,21,000. The stamp duty at 7% would amount to Rs 92,470, and the registration fee at 2% would be Rs 26,420, bringing the total cost to Rs 1,18,890. 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 Main Street (Ward -8)?

The Sub Registrar Office that covers Main Street (Ward -8) is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering a property in Ninna Karai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to assess the applicable duties. This value helps in standardizing the registration process and ensures that the fees are consistent across different properties within the same area.

Frequently asked questions

What is the current guideline value of Main Street (Ward -8)?

The current guideline value of Main Street (Ward -8) is Rs 1,321 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,321 per sq.ft in 2024.

What is the land classification for Main Street (Ward -8)?

Main Street (Ward -8) is classified as Residential Special Type - V according to the Chengleput Joint II SRO.

Where can I find the Chengleput Joint II Sub Registrar Office?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002.

How is the stamp duty calculated for properties in Ninna Karai?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 1,321 per sq.ft would incur a total guideline value of Rs 13,21,000, leading to specific stamp duty and registration fees.