Guideline Value for NAGALINGAM STREET

Nagalingam Street guideline value

The current guideline value of Nagalingam Street in Saidapet village is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class III Type - I.

How the guideline value of Nagalingam Street has changed

Over the years, the guideline value of Nagalingam Street has seen significant changes. The earliest recorded figure in the register is from 2002, where the value was Rs 631 per sq.ft. This increased to Rs 790 per sq.ft in 2003, marking a rise of 25%. The value then saw a modest increase to Rs 800 per sq.ft in 2007, which is an increase of just 1%. However, from 2007 to 2012, the value surged to Rs 3,000 per sq.ft, reflecting a substantial increase of 275%. In 2017, the value decreased to Rs 2,010 per sq.ft, a drop of 33% from the previous revision.

In 2023, the guideline value rose to Rs 3,000 per sq.ft, and then to the current rate of Rs 3,300 per sq.ft in 2024, which is a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 423%. There are no figures available for the revisions in the years not listed in the register.

Guideline values in Saidapet

In Saidapet, there are 106 streets under the Chennai South Joint II SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value of Nagalingam Street is below this median.

• Nara Lane: Rs 3,300 per sq.ft (2024)
• Narayanasamy 1st Street: Rs 3,300 per sq.ft (2024)
• Narayanasamy Iind Street: Rs 3,300 per sq.ft (2024)
• Narayanasamy Street (V.O.C. Street): Rs 4,400 per sq.ft (2024)
• Murahari Road: Rs 3,300 per sq.ft (2024)
• Mosque Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Nagalingam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total fees together to Rs 2,97,000. It is important to note that 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 details.

Which Sub Registrar Office covers Nagalingam Street?

The Sub Registrar Office that covers Nagalingam Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property in Saidapet. It determines the minimum value at which the property can be registered, ensuring that the government collects the appropriate stamp duty and registration fees. Buyers and sellers must consider this value when negotiating the sale price of a property.

When a property is sold, the guideline value serves as a benchmark for taxation purposes. If the sale price is higher than the guideline value, the stamp duty is calculated based on the sale price. Therefore, understanding the guideline value is essential for anyone involved in real estate transactions in Saidapet.

Frequently asked questions

What is the current guideline value of Nagalingam Street?

The current guideline value of Nagalingam Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value of Nagalingam Street changed over the years?

The guideline value has increased from Rs 631 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 423% over this period.

What is the classification of land on Nagalingam Street?

Nagalingam Street is classified as Residential Class III Type - I, which indicates its intended use for residential purposes.

What are the other streets in Saidapet with the same guideline value?

Other streets in Saidapet with the same guideline value of Rs 3,300 per sq.ft include Nara Lane, Narayanasamy 1st Street, Narayanasamy Iind Street, and Murahari Road.

Where can I find the Sub Registrar Office for Nagalingam Street?

The Sub Registrar Office for Nagalingam Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. This office is responsible for property registrations in the area.