Guideline Value for N.M.Grace Nagar

N.M.Grace Nagar guideline value

The current guideline value of N.M.Grace Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Chembakkam village under the Selaiyur SRO, classified as Residential Special Type - II.

How the guideline value of N.M.Grace Nagar has changed

The guideline value for N.M.Grace Nagar has seen several revisions over the years. In 2012, the value was set at Rs 2,000 per sq.ft. This figure remained unchanged until 2017 when it decreased to Rs 1,340 per sq.ft. However, from 2017 to 2023, the value significantly increased by 49% to reach Rs 2,000 per sq.ft. In the latest 2024 revision, the guideline value rose to Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

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

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which is equal to the current value of N.M.Grace Nagar.

• N.M.Gress Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• N.M.Gress Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• N.M. Parvathipuram: Rs 2,700 per sq.ft (2024)
• N.M. Parvathypuram 1st Street: Rs 2,700 per sq.ft (2024)
• N.M. Parvathypuram 2nd Street: Rs 2,700 per sq.ft (2024)
• N.M. Parvathypuram Extn: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in N.M.Grace Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty is calculated at 7%, which totals Rs 1,54,000, and the registration fee is charged at 2%, amounting to Rs 44,000. Together, the total 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.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers N.M.Grace Nagar?

The Sub Registrar Office that covers N.M.Grace Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone.

You can find your SRO for more details.

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

The guideline value is a crucial factor when it comes to property transactions in Chembakkam. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers should be aware that the guideline value is set by the government and can vary from street to street.

When a property is bought or sold, the transaction must be registered at the local Sub Registrar Office. The guideline value helps ensure that the property is valued appropriately for tax purposes, and it is essential for both buyers and sellers to understand how it affects their financial obligations during the transaction.

Frequently asked questions

What is the current guideline value of N.M.Grace Nagar?

The current guideline value of N.M.Grace 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 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification of N.M.Grace Nagar?

N.M.Grace Nagar is classified as Residential Special Type - II, indicating its designated use for residential purposes.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for properties in N.M.Grace Nagar?

The stamp duty for properties in N.M.Grace Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is also applicable.