Guideline Value for NAGAMMAL AVENUE

Nagammal Avenue guideline value

The current guideline value of Nagammal Avenue is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Nagammal Avenue has changed

The guideline value for Nagammal Avenue has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 104 per sq.ft, which increased to Rs 123 per sq.ft in 2003. This marked a rise of 18%. The value then surged significantly to Rs 500 per sq.ft in 2007, reflecting a 307% increase. In 2012, the value rose to Rs 1,500 per sq.ft, marking a 200% increase from the previous revision. However, in 2017, the value dropped to Rs 1,005 per sq.ft, a decrease of 33%. The most recent revision in 2024 set the guideline value at Rs 1,650 per sq.ft, which represents a 64% increase from 2017.

It is important to note that the register has no figure for Nagammal Avenue in 2023. Overall, from 2002 to 2024, the guideline value has increased by 1487%.

Guideline values in Pallikaranai

Pallikaranai comprises 749 streets under the Chennai South Joint I SRO, with the 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, which is equal to the current guideline value of Nagammal Avenue.

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

Stamp duty and registration fee for property in Nagammal Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty, charged at 7%, would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000. Together, the total cost for stamp duty and registration would be Rs 1,48,500. It is important to note that 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 assistance.

Which Sub Registrar Office covers Nagammal Avenue?

The Sub Registrar Office that covers Nagammal Avenue 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 a crucial factor when registering property transactions in Pallikaranai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue from property transactions.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which is essential for budgeting the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Nagammal Avenue?

The current guideline value of Nagammal Avenue 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 changed significantly from Rs 104 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, marking an overall increase of 1487% over this period.

What is the land classification for Nagammal Avenue?

Nagammal Avenue is classified as Residential Class IV Type - I, indicating its suitability for residential development.

Where can I find the registration office for Nagammal Avenue?

The registration office covering Nagammal Avenue 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 Nagammal Avenue?

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