Guideline Value for NAGAIAH SALAI @ MYANA SALAI

Nagaiah Salai @ Myana Salai guideline value

The current guideline value of Nagaiah Salai @ Myana Salai is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Chemmancheri village under the Neelankarai SRO, classified as Residential Class IV Type - I.

How the guideline value of Nagaiah Salai @ Myana Salai has changed

The guideline value has seen significant changes over the years. In 2003, the value was Rs 69 per sq.ft, which increased to Rs 300 per sq.ft in 2007, marking a 335% rise. The value then surged to Rs 1,500 per sq.ft in 2012, a remarkable increase of 400%. However, it dropped to Rs 1,005 per sq.ft in 2017, reflecting a decrease of 33%. The value further increased to Rs 1,500 per sq.ft in 2023, and currently stands at Rs 1,700 per sq.ft in 2024, representing a 13% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 2364%. The register has no figure for the year 2002 for this street.

Guideline values in Chemmancheri

In Chemmancheri, there are 195 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 6,600 per sq.ft, with the median value being Rs 1,700 per sq.ft. Nagaiah Salai @ Myana Salai's 2024 figure is equal to this median.

• Nagarajan Garden: Rs 1,700 per sq.ft (2024)
• Myana Salai: Rs 1,100 per sq.ft (2024)
• Nandagopal Garden: Rs 1,100 per sq.ft (2024)
• Nasin Ghoose Garden: Rs 3,300 per sq.ft (2024)
• Munsif Sundaram Avenue: Rs 4,900 per sq.ft (2024)
• Mumthaj Garden: Rs 1,800 per sq.ft (2024)

Stamp duty and registration fee for property in Nagaiah Salai @ Myana Salai

For a 1,000 sq.ft plot at the current rate of Rs 1,700 per sq.ft, the guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, totaling Rs 1,53,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Nagaiah Salai @ Myana Salai?

The Nagaiah Salai @ Myana Salai falls under the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Chemmancheri. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared against the sale price. The higher of the two figures is used to calculate the applicable duties and fees, ensuring that the government receives the correct revenue from property transactions.

Frequently asked questions

What is the current guideline value of Nagaiah Salai @ Myana Salai?

The current guideline value of Nagaiah Salai @ Myana Salai is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 69 per sq.ft in 2003 to Rs 1,700 per sq.ft in 2024, reflecting an overall increase of 2364% over this period.

What is the stamp duty rate for properties in Nagaiah Salai @ Myana Salai?

The stamp duty rate for properties in Nagaiah Salai @ Myana Salai is 7% of the guideline value or sale price, whichever is higher.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the guideline value used in property transactions?

The guideline value is used as a benchmark for calculating stamp duty and registration fees during property transactions. It is compared against the sale price, and the higher amount is used for calculating applicable duties.