Guideline Value for N S K Nagar (Ward-20)

N S K Nagar (Ward-20) guideline value

The current guideline value of N S K Nagar (Ward-20) is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is part of Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of N S K Nagar (Ward-20) has changed

Over the years, the guideline value of N S K Nagar has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which then decreased to Rs 1,005 per sq.ft in 2017. Following this, the 2023 revision increased the value to Rs 1,500 per sq.ft, and the most recent 2024 revision raised it further to Rs 2,200 per sq.ft, marking a significant increase of 47% from 2023 to 2024 and a 49% rise from 2017 to 2023. Notably, the register has no figures for the years 2002, 2003, and 2007 for this street.

When examining the overall changes, the guideline value has increased by 10% from the 2012 figure of Rs 2,000 per sq.ft to the current 2024 figure of Rs 2,200 per sq.ft. This reflects a notable fluctuation with the highest value recorded in 2012, followed by a significant drop in 2017, and a steady increase in the subsequent years.

Guideline values in Madhavaram

In Madhavaram village, there are 1,946 streets under the Madhavaram SRO, with guideline values for 2024 ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, placing N S K Nagar's 2024 figure above this median.

• NSS Nagar: Rs 1,600 per sq.ft (2024)
• NSC Boss Road (Ward-8): Rs 1,300 per sq.ft (2024)
• NSC BOSE Nagar: Rs 1,300 per sq.ft (2024)
• North Telephone Colony: Rs 1,600 per sq.ft (2024)
• Ommakulam Medu: Rs 1,300 per sq.ft (2024)
• Ommakulam medu, MRH Road (Ward-11): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in N S K Nagar (Ward-20)

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the 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, totaling 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. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers N S K Nagar (Ward-20)?

The Sub Registrar Office covering N S K Nagar (Ward-20) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value of a property, which affects the stamp duty and registration fees that buyers and sellers must pay during the transaction.

When buying or selling property, the guideline value helps ensure that the transaction is recorded at a price reflective of the area's market conditions. This value is essential for both legal and financial purposes, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of N S K Nagar?

The current guideline value of N S K Nagar (Ward-20) 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 2,000 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification of N S K Nagar?

N S K Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property in N S K Nagar?

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total fees would be Rs 1,98,000.

Where is the Sub Registrar Office for N S K Nagar located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060, which covers N S K Nagar (Ward-20).