Guideline Value for NAGALAKSHMI NAGAR

Nagalakshmi Nagar guideline value

The current guideline value of Nagalakshmi Nagar, located in Okkiyamthuraipakkam village under the Neelankarai SRO, is Rs 2,200 per sq.ft as per the 2024 revision, effective from 1 July 2024. The land classification for this area is Residential Class II Type - III.

How the guideline value of Nagalakshmi Nagar has changed

The guideline value for Nagalakshmi Nagar has undergone several revisions over the years. The earliest recorded figure is from the 2007 revision, which set the guideline value at Rs 250 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in the 2012 revision, marking a substantial rise of 700%. However, in the 2017 revision, the value decreased to Rs 1,340 per sq.ft, reflecting a decline of 33%. The value then rose to Rs 2,000 per sq.ft in the 2023 revision, followed by another increase to Rs 2,200 per sq.ft in the 2024 revision, representing a 10% change.

From the 2017 revision to the 2023 revision, the guideline value increased by 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 780%. The register does not contain figures for the years 2002 and 2003 for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for Nagalakshmi Nagar is below this median.

• Muttaikaran Chavadi: Rs 3,900 per sq.ft (2024)
• Murugesan Nagar: Rs 2,800 per sq.ft (2024)
• Murugan Nagar: Rs 3,300 per sq.ft (2024)
• Natesan Street: Rs 2,200 per sq.ft (2024)
• Munusamy Street: Rs 2,800 per sq.ft (2024)
• Natural Springs: Rs 6,100 per sq.ft (2024)

Stamp duty and registration fee for property in Nagalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. 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 precise calculations based on your property details.

Which Sub Registrar Office covers Nagalakshmi Nagar?

The Sub Registrar Office that covers Nagalakshmi Nagar is 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 Okkiyamthuraipakkam

The guideline value is a crucial factor in the registration process when buying or selling property in Okkiyamthuraipakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid. Buyers should be aware that the guideline value may differ from the actual sale price, and the higher amount will be used for calculating the applicable duties.

When registering a property, it is essential to provide accurate information regarding the sale price and ensure that the guideline value is correctly reflected in the documentation. This ensures compliance with local regulations and avoids potential legal issues in the future.

Frequently asked questions

What is the current guideline value of Nagalakshmi Nagar?

The current guideline value of Nagalakshmi Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 250 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 780% over the years.

What is the land classification for Nagalakshmi Nagar?

The land classification for Nagalakshmi Nagar is Residential Class II Type - III.

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 stamp duty calculated for properties in Nagalakshmi Nagar?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 22,00,000 would incur a stamp duty of Rs 1,54,000.