Guideline Value for NAGAMAAL AVENUE 1ST STREET

Nagamaal Avenue 1st Street guideline value

The current guideline value of Nagamaal Avenue 1st Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village, under the Chennai South Joint I SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Nagamaal Avenue 1st Street has changed

The guideline value for Nagamaal Avenue 1st Street has seen several revisions over the years. In 2012, the value was set at Rs 1,500 per sq.ft. This figure remained until the 2017 revision, which saw a decrease to Rs 1,005 per sq.ft. However, in 2023, the value increased significantly to Rs 1,500 per sq.ft, and the most recent revision in 2024 has set it at Rs 1,650 per sq.ft.

From 2012 to 2017, the guideline value decreased by 33%. Following this, there was a notable increase of 49% from 2017 to 2023. The change from 2023 to 2024 represents a 10% increase. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, which is equal to the current guideline value of Nagamaal Avenue 1st Street.

• Nagamaal Avenue Main Road: Rs 1,650 per sq.ft (2024)
• Nagammal Avenue: Rs 1,650 per sq.ft (2024)
• Nagammal Avenue Extension: Rs 1,320 per sq.ft (2024)
• Nagathamman Koil Street: Rs 1,650 per sq.ft (2024)
• Muventhar Street Extn: Rs 1,320 per sq.ft (2024)
• Muventhar 2nd Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Nagamaal Avenue 1st Street

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making the total Rs 1,48,500. 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 more details.

Which Sub Registrar Office covers Nagamaal Avenue 1st Street?

The Sub Registrar Office that covers Nagamaal Avenue 1st Street is the Chennai South Joint I 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 Pallikaranai

The guideline value is an essential factor in the registration process of property transactions. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property in the area.

When a property is registered, the guideline value helps ensure that the transaction reflects the official valuation of the property, which is crucial for legal and taxation purposes.

Frequently asked questions

What is the current guideline value of Nagamaal Avenue 1st Street?

The current guideline value of Nagamaal Avenue 1st Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has undergone several revisions, with the most recent increase from Rs 1,500 per sq.ft in 2023 to Rs 1,650 per sq.ft in 2024. Overall, from 2012 to 2024, it has increased by 10%.

What is the land classification of Nagamaal Avenue 1st Street?

Nagamaal Avenue 1st Street is classified as Residential Class IV Type - I, indicating its designation for residential use.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Nagamaal Avenue 1st Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 at a rate of 7%.