Guideline Value for N.M.Gress Nagar 2nd Street

N.M.Gress Nagar 2nd Street guideline value

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

How the guideline value of N.M.Gress Nagar 2nd Street has changed

Over the years, the guideline value of N.M.Gress Nagar 2nd Street has seen significant changes. The 2007 revision recorded a value of Rs 250 per sq.ft. This increased dramatically to Rs 2,000 per sq.ft in 2012, marking a rise of 700%. However, the value decreased to Rs 1,340 per sq.ft in 2017, reflecting a decline of 33%. The subsequent revisions saw the value increase to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024, which is a 10% increase from the previous year.

There are no recorded figures for the years 2002 and 2003 for this street. From 2017 to 2023, the guideline value increased by 49%, leading to the current value of Rs 2,200 per sq.ft in 2024. 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 that carry a 2024 guideline value, ranging from Rs 850 to Rs 6,700 per sq.ft. The median value is Rs 2,200 per sq.ft, placing N.M.Gress Nagar 2nd Street at the median level for this area.

• N.M.Gress Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• N.M.Grace Nagar: 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 2nd 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 at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total charges 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 detailed calculations.

Which Sub Registrar Office covers N.M.Gress Nagar 2nd Street?

The Sub Registrar Office that covers N.M.Gress Nagar 2nd 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. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Chembakkam, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees that are payable during the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, preventing under-reporting of property prices. It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value of N.M.Gress Nagar 2nd Street?

The current guideline value of N.M.Gress Nagar 2nd 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 significantly, from Rs 250 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 780%.

What is the land classification for N.M.Gress Nagar 2nd Street?

The land classification for N.M.Gress Nagar 2nd Street is Residential Special Type - II.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for N.M.Gress Nagar 2nd Street is located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for properties in this area?

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