Guideline Value for N.V.M. Nagar

N.V.M. Nagar guideline value

The current guideline value of N.V.M. Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Kolathur village and falls under the Sembiam SRO. The land classification for this street is Residential Class II Type - I.

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

The guideline value for N.V.M. Nagar has undergone several revisions over the years. In 2003, the value was Rs 256 per sq.ft, which increased significantly to Rs 700 per sq.ft in 2007. The following revision in 2012 saw a decrease to Rs 2,500 per sq.ft, but by 2017, it had risen to Rs 1,675 per sq.ft. The 2023 revision set the value at Rs 2,500 per sq.ft, and the most recent revision in 2024 has raised it to Rs 2,700 per sq.ft, marking an 8% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by a substantial 955%. It is important to note that the register has no figure for the year 2002 for this street.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft, and the median value is Rs 3,300 per sq.ft. The guideline value for N.V.M. Nagar is below this median.

• Padma Nagar: Rs 4,400 per sq.ft (2024)
• Padmavathi Nagar: Rs 4,400 per sq.ft (2024)
• Nethaji Nagar: Rs 2,700 per sq.ft (2024)
• Nermai Nagar / Street: Rs 4,400 per sq.ft (2024)
• Paper Mills Road: Rs 6,000 per sq.ft (2024)
• Paruindevi Amman Nagar: Rs 3,300 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers N.V.M. Nagar?

The Sub Registrar Office that covers N.V.M. Nagar is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value is an essential factor in property transactions in Kolathur. It determines the minimum value at which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value serves as a benchmark for both parties. It is crucial to be aware of the current guideline value to ensure compliance with registration requirements and to understand the financial implications of the transaction.

Frequently asked questions

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

The current guideline value of N.V.M. Nagar is Rs 2,700 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 256 per sq.ft in 2003 to Rs 2,700 per sq.ft in 2024, marking an overall increase of 955% over the years.

What is the registration office for N.V.M. Nagar?

The registration office for N.V.M. Nagar is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is stamp duty calculated in N.V.M. Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 at a rate of 7%.

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

N.V.M. Nagar is classified as Residential Class II Type - I, indicating its designation for residential use.