Guideline Value for N.R.S. Nagar

N.R.S. Nagar guideline value

The current guideline value of N.R.S. Nagar, located in Nandhivaram village under the Gooduvancheri SRO, is Rs 1,500 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Special Type - I land classification.

How the guideline value of N.R.S. Nagar has changed

The guideline value for N.R.S. Nagar has seen several revisions over the years. In 2002, the value was Rs 104 per sq.ft, which increased significantly to Rs 328 per sq.ft in 2007. Following this, the value rose dramatically to Rs 1,500 per sq.ft in 2012, marking an increase of 357%. However, between 2012 and 2017, the value decreased to Rs 1,005 per sq.ft, a drop of 33%. The value then increased to Rs 1,500 per sq.ft in 2023, remaining unchanged in the 2024 revision.

There is no figure available for the year 2003 in the register for this street. From 2017 to 2023, the guideline value increased by 49%. Overall, from 2002 to 2024, the guideline value has risen by 1342%.

Guideline values in Nandhivaram

Nandhivaram village consists of 169 streets under the Gooduvancheri SRO, with guideline values ranging from Rs 1,000 to Rs 3,500 per sq.ft. The median value for these streets is Rs 1,500 per sq.ft, which is equal to the current guideline value of N.R.S. Nagar.

• N.P.R. Nagar: Rs 2,000 per sq.ft (2024)
• Om Sakthi Nagar: Rs 1,500 per sq.ft (2024)
• Omsakthi Nagr: Rs 1,000 per sq.ft (2024)
• Padma Avenue: Rs 1,000 per sq.ft (2024)
• Nellikuppam Road: Rs 2,000 per sq.ft (2024)
• Padmavathi Nagar 1 & 2: Rs 1,500 per sq.ft (2024)

Stamp duty and registration fee for property in N.R.S. Nagar

For a 1,000 sq.ft plot at the current rate of Rs 1,500 per sq.ft, the guideline value amounts to Rs 15,00,000. The stamp duty at 7% would be Rs 1,05,000, and the registration fee at 2% would be Rs 30,000, totaling Rs 1,35,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers N.R.S. Nagar?

The N.R.S. Nagar area is covered by the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nandhivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Nandhivaram. It serves as a benchmark to determine the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is considered alongside the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of N.R.S. Nagar?

The current guideline value of N.R.S. Nagar is Rs 1,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 104 per sq.ft in 2002 to Rs 1,500 per sq.ft in 2024, showing an overall increase of 1342% from 2002 to 2024.

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

For a property valued at Rs 15,00,000, the stamp duty would be Rs 1,05,000 and the registration fee would be Rs 30,000, totaling Rs 1,35,000.

Which office handles property registrations for N.R.S. Nagar?

The Gooduvancheri Sub Registrar Office is responsible for handling property registrations in N.R.S. Nagar.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum price for property registration, ensuring that the state collects the appropriate stamp duty and registration fees based on the higher of the guideline value or the sale price.