Guideline Value for N.R.V. Nagar

N.R.V. Nagar guideline value

The current guideline value of N.R.V. Nagar, located in Alamathi village under the Redhills SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

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

The guideline value for N.R.V. Nagar has seen several revisions over the years. The earliest recorded value in 2007 was Rs 200 per sq.ft, which increased significantly to Rs 500 per sq.ft in 2012, marking a 150% rise. However, this value dropped to Rs 335 per sq.ft in 2017, a decrease of 33%. Following this, the value surged to Rs 500 per sq.ft in 2023, and then to Rs 550 per sq.ft in the 2024 revision, reflecting a 10% increase.

Between 2017 and 2023, the value increased by 49%. Overall, from 2007 to 2024, the guideline value has increased by 175%. It is important to note that there are no recorded figures for N.R.V. Nagar in the years 2002 and 2003.

Guideline values in Alamathi

In Alamathi village, there are 54 streets under the Redhills SRO that have a 2024 guideline value ranging from Rs 440 to Rs 1,100 per sq.ft. The median value for these streets is Rs 550 per sq.ft, which is the same as the current guideline value for N.R.V. Nagar.

• New Star City Annex: Rs 660 per sq.ft (2024)
• New Star City: Rs 550 per sq.ft (2024)
• Padavattamman Street: Rs 770 per sq.ft (2024)
• Parthiban Nagar: Rs 550 per sq.ft (2024)
• Pelican Nagar: Rs 550 per sq.ft (2024)
• Nallur Road: Rs 550 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total fees to Rs 49,500. 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.R.V. Nagar?

N.R.V. Nagar falls under the jurisdiction of the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. For more information, you can find your SRO.

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

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

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these costs are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

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

The current guideline value of N.R.V. Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 550 per sq.ft in 2024, showing an overall increase of 175% over the years.

What is the land classification for N.R.V. Nagar?

N.R.V. Nagar is classified as Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in N.R.V. Nagar?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 5,50,000, the total fees would amount to Rs 49,500.

Which office handles the registration for N.R.V. Nagar?

The Redhills Sub Registrar Office handles the registration for N.R.V. Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.