Guideline Value for NAGALAKSHMI NAGAR EXTENSION

Nagalakshmi Nagar Extension guideline value

The current guideline value of Nagalakshmi Nagar Extension is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Chitthalapakkam village under the Selaiyur SRO, classified as Residential Special Type - III.

How the guideline value of Nagalakshmi Nagar Extension has changed

The guideline value for Nagalakshmi Nagar Extension has undergone several revisions over the years. The oldest recorded revision is from 2012, where the guideline value was Rs 3,000 per sq.ft. This was followed by a decrease in 2017 to Rs 2,010 per sq.ft, a substantial drop of 33%. In 2023, the value increased to Rs 3,000 per sq.ft, and in the most recent 2024 revision, it rose to Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, there was a significant increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that there are no figures available in the register for the years 2002, 2003, and 2007 for this street.

Guideline values in Chitthalapakkam

Chitthalapakkam village has a total of 107 streets under the Selaiyur SRO, with guideline values ranging from Rs 1,300 to Rs 5,000 per sq.ft. The median guideline value in this village is Rs 2,900 per sq.ft, and the current value for Nagalakshmi Nagar Extension is above this median.

• Nagalakshmi Nagar: Rs 3,300 per sq.ft (2024)
• Mullai Nagar: Rs 2,900 per sq.ft (2024)
• Nethaji Street: Rs 2,400 per sq.ft (2024)
• M.G.R. Street: Rs 2,700 per sq.ft (2024)
• N.S.K. Street: Rs 2,900 per sq.ft (2024)
• Ottiambakkam Sithalapakkam Main Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Nagalakshmi Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total costs to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Nagalakshmi Nagar Extension?

The Sub Registrar Office that covers Nagalakshmi Nagar Extension is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property in Chitthalapakkam. It determines 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, it is essential to be aware of the guideline value as it can affect the overall transaction costs. Buyers should ensure that the sale price is at least equal to the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Nagalakshmi Nagar Extension?

The current guideline value of Nagalakshmi Nagar Extension is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, marking a 10% increase. It was Rs 2,010 per sq.ft in 2017, showing a 49% increase to 2023.

What are the guideline values for other streets in Chitthalapakkam?

Other streets in Chitthalapakkam have varying guideline values, with the lowest being Rs 2,400 per sq.ft and the highest being Rs 3,300 per sq.ft. The median for the village is Rs 2,900 per sq.ft.

How is stamp duty calculated for properties in Nagalakshmi Nagar Extension?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.