Guideline Value for N.S.R.ROAD

N.S.R.Road guideline value

The current guideline value of N.S.R.Road in Hastinapuram village, under the Pallavaram SRO, is Rs 2,970 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

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

The guideline value for N.S.R.Road has undergone several revisions over the years. The earliest recorded figure is from 2012, where the guideline value was Rs 2,700 per sq.ft. This was followed by a decrease to Rs 1,809 per sq.ft in 2017. However, in the subsequent 2023 revision, the value increased significantly to Rs 2,700 per sq.ft, and then further rose to Rs 2,970 per sq.ft in the 2024 revision. The register has no figures for the years 2002, 2003, and 2007.

From 2017 to 2023, the guideline value increased by 49%. The change from 2023 to 2024 was a 10% increase. Overall, from 2012 to 2024, the guideline value has seen a 10% increase, reflecting the fluctuations in the real estate landscape.

Guideline values in Hastinapuram

In Hastinapuram, there are a total of 277 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median value for these streets is Rs 2,970 per sq.ft, which is the same as the guideline value for N.S.R.Road. Below are the guideline values for other streets in Hastinapuram:

• North Mosque Street: Rs 1,650 per sq.ft (2024)
• N.G.O. Colony: Rs 2,970 per sq.ft (2024)
• New Street Nagar: Rs 2,970 per sq.ft (2024)
• Pachaiyappan Nagar: Rs 1,650 per sq.ft (2024)
• Nethaji Nagar 3rd Cross Street: Rs 2,380 per sq.ft (2024)
• Nethaji Nagar 2nd Cross Street: Rs 2,380 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value would be Rs 29,70,000. The stamp duty at 7% would amount to Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, bringing the total to Rs 2,67,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

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

The Sub Registrar Office that covers N.S.R.Road is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, within the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Hastinapuram. It serves as a reference point for determining the stamp duty and registration fees payable during the sale or purchase of a property. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When registering a property, the guideline value is used to calculate the applicable fees. It is essential to understand that the fees are based on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of N.S.R.Road is Rs 2,970 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,700 per sq.ft in 2012 to Rs 1,809 per sq.ft in 2017, then increased to Rs 2,700 per sq.ft in 2023, and finally to Rs 2,970 per sq.ft in 2024.

What is the land classification for N.S.R.Road?

N.S.R.Road is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for N.S.R.Road?

The Sub Registrar Office for N.S.R.Road is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is the stamp duty calculated for properties in N.S.R.Road?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For instance, for a property valued at Rs 29,70,000, the stamp duty would be Rs 2,07,900 at a rate of 7%.