Guideline Value for N.I.K.AVENUE

N.I.K.Avenue guideline value

The current guideline value of N.I.K.Avenue in Okkiyamthuraipakkam village is Rs 6,100 per sq.ft, effective from 1 July 2024. This area falls under the Neelankarai SRO and is classified as Residential Special Type - II.

How the guideline value of N.I.K.Avenue has changed

The guideline value for N.I.K.Avenue has seen significant changes over the years. Starting from Rs 188 per sq.ft in 2003, it increased to Rs 1,200 per sq.ft in 2007, followed by a substantial rise to Rs 5,500 per sq.ft in 2012. However, it then decreased to Rs 3,685 per sq.ft in 2017. The value rose again to Rs 5,500 per sq.ft in 2023, and most recently, it has increased to Rs 6,100 per sq.ft in 2024. The register has no figure for this street in 2002.

From 2017 to 2023, there was a notable increase of 49%, followed by an 11% rise from 2023 to 2024. The most significant change occurred from 2003 to 2024, with an overall increase of 3145%. The fluctuations in the guideline value reflect the evolving nature of property valuation in this area.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, making N.I.K.Avenue's 2024 figure of Rs 6,100 per sq.ft above that median.

• Okkiyam Pettai: Rs 3,300 per sq.ft (2024)
• Old Mahabalipuram Road: Rs 8,800 per sq.ft (2024)
• Nethaji Nagar Main Road: Rs 3,300 per sq.ft (2024)
• Nethaji Nagar 3rd Cross Street: Rs 2,800 per sq.ft (2024)
• Nethaji Nagar 2nd Cross Street: Rs 2,800 per sq.ft (2024)
• Nethaji Nagar 1st Cross Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in N.I.K.Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 6,100 per sq.ft, the total guideline value amounts to Rs 61,00,000. The stamp duty at 7% would be Rs 4,27,000, and the registration fee at 2% would be Rs 1,22,000, bringing the total to Rs 5,49,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers N.I.K.Avenue?

N.I.K.Avenue is covered by the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Okkiyamthuraipakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of N.I.K.Avenue?

The current guideline value of N.I.K.Avenue is Rs 6,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 188 per sq.ft in 2003 to Rs 6,100 per sq.ft in 2024, reflecting an overall increase of 3145% over the years.

What is the land classification of N.I.K.Avenue?

N.I.K.Avenue is classified as Residential Special Type - II, which indicates its intended use for residential purposes.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in N.I.K.Avenue?

Stamp duty for properties in N.I.K.Avenue is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.