Guideline Value for N.M.Gress Nagar 1st Street

N.M.Gress Nagar 1st Street guideline value

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

How the guideline value of N.M.Gress Nagar 1st Street has changed

The guideline value for N.M.Gress Nagar 1st Street has undergone several revisions over the years. The earliest recorded figure is from 2007, where the guideline value was Rs 250 per sq.ft. This value increased significantly to Rs 2,000 per sq.ft in 2012, marking a 700% rise. However, it then decreased to Rs 1,340 per sq.ft in 2017, a decline of 33%. The next revision in 2023 saw the value increase to Rs 2,000 per sq.ft, followed by the current rate of Rs 2,200 per sq.ft in 2024, reflecting a 10% increase.

It is important to note that there are no recorded figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 780%.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO, with the 2024 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 the same as the current value for N.M.Gress Nagar 1st Street.

• N.M.Grace Nagar: 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.Gress Nagar 1st Street

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, charged at 7%, would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Therefore, the total cost for stamp duty and registration fee 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 accurate estimates.

Which Sub Registrar Office covers N.M.Gress Nagar 1st Street?

The Sub Registrar Office that covers N.M.Gress Nagar 1st Street 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.

To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering property in Chembakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware that the registration fees and stamp duty are calculated based on this value, ensuring compliance with government regulations.

When purchasing or selling property, it is essential to consider the guideline value, as it affects the overall cost of the transaction. Ensuring that the property is registered at the correct guideline value helps in maintaining transparency and legality in property dealings.

Frequently asked questions

What is the current guideline value of N.M.Gress Nagar 1st Street?

The current guideline value of N.M.Gress Nagar 1st Street 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 250 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, representing an overall increase of 780% over the years.

What is the land classification for N.M.Gress Nagar 1st Street?

N.M.Gress Nagar 1st Street is classified as Residential Special Type - II.

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 stamp duty calculated for property in N.M.Gress Nagar 1st Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000.