Guideline Value for NACHIYAPPAN STREET

Nachiyappan Street guideline value

The current guideline value of Nachiyappan Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village and falls under the Mylapore Sub Registrar Office (SRO). The land classification for this area is Residential Class III Type - III.

How the guideline value of Nachiyappan Street has changed

The guideline value for Nachiyappan Street has seen significant changes over the years. In 2002, the value was Rs 1,038 per sq.ft, which increased to Rs 1,153 per sq.ft in 2003, marking an 11% rise. The value continued to climb, reaching Rs 1,540 per sq.ft in 2007, a 34% increase from the previous revision. The 2012 revision saw a dramatic jump to Rs 8,000 per sq.ft, reflecting a 419% increase from 2007. The most recent revision in 2024 set the guideline value at Rs 8,800 per sq.ft, which is a 10% increase from 2012.

It is important to note that there are no figures available for the revisions in 2017 and 2023 for Nachiyappan Street. Overall, from 2002 to 2024, the guideline value has increased by 748%.

Guideline values in Mylapore

In Mylapore village, there are 883 streets under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value is Rs 8,800 per sq.ft, which is the same as that of Nachiyappan Street in 2024.

• Nadukuppam 1st Street: Rs 3,300 per sq.ft (2024)
• Nadukuppam 2nd Street: Rs 3,300 per sq.ft (2024)
• Nadukuppam 3rd Street: Rs 3,300 per sq.ft (2024)
• Nadukuppam 4th Street: Rs 3,300 per sq.ft (2024)
• Nadukuppam 5th Street: Rs 3,300 per sq.ft (2024)
• Nadukuppam 6th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Nachiyappan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty is charged at 7%, which totals Rs 6,16,000, and the registration fee at 2% amounts to Rs 1,76,000. Together, the total cost for stamp duty and registration fee would be Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Nachiyappan Street?

The Sub Registrar Office that covers Nachiyappan Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Mylapore. It serves as the basis for calculating the stamp duty and registration fees that need to be paid at the time of registration. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to determine the applicable duties. This ensures that the government receives the appropriate revenue based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Nachiyappan Street?

The current guideline value of Nachiyappan Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of Nachiyappan Street has increased from Rs 1,038 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, marking an overall increase of 748% over the years.

What is the land classification for Nachiyappan Street?

Nachiyappan Street is classified as Residential Class III Type - III.

Where is the Mylapore Sub Registrar Office located?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 88,00,000, the stamp duty and registration fees would total Rs 7,92,000.