Guideline Value for NAGAMMAN NAGAR

Nagamman Nagar guideline value

The current guideline value of Nagamman Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Korattur village under the Villivakkam SRO and is classified as Residential Class III Type - III.

How the guideline value of Nagamman Nagar has changed

The guideline value for Nagamman Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 56 per sq.ft, which increased to Rs 250 per sq.ft in 2007, marking a substantial rise of 346%. By 2012, the value remained at Rs 1,500 per sq.ft, and this figure was unchanged until the 2023 revision. In 2023, the guideline value was revised to Rs 1,500 per sq.ft, and then increased to Rs 1,600 per sq.ft in 2024, reflecting a 7% increase.

There are no figures available for the years 2003 and 2017 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 2757%, showcasing a significant upward trend in the valuation of properties in this area.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO with 2024 guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, placing Nagamman Nagar's 2024 figure below this median.

• Nagathamman Koil Street: Rs 2,900 per sq.ft (2024)
• Nagavalli Nagar: Rs 2,500 per sq.ft (2024)
• Nammalvar Nagar: Rs 2,100 per sq.ft (2024)
• Muthamil Nagar Extension: Rs 2,100 per sq.ft (2024)
• Muthamil Nagar (All Streets): Rs 2,100 per sq.ft (2024)
• Muthamil Nagar 12th Cross Street: Rs 2,100 per sq.ft (2024)

Stamp duty and registration fee for property in Nagamman Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total fees together to Rs 1,44,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Nagamman Nagar?

Nagamman Nagar falls under the jurisdiction of the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your specific SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the property registration process in Korattur. It is the basis for calculating the stamp duty and registration fees that buyers must pay when purchasing property. The guideline value is determined by the government and is updated periodically to reflect changes in the market.

When selling a property, the guideline value is also used to ensure that the sale price is in line with the official valuation. This helps maintain transparency in property transactions and ensures that appropriate taxes are collected by the government.

Frequently asked questions

What is the current guideline value of Nagamman Nagar?

The current guideline value of Nagamman Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 56 per sq.ft in 2002 to Rs 1,600 per sq.ft in 2024, representing an overall increase of 2757% over this period.

What are the stamp duty rates for properties in Nagamman Nagar?

The stamp duty for properties in Nagamman Nagar is charged at 7% of the guideline value or the sale price, whichever is higher.

Which office handles property registration for Nagamman Nagar?

The Villivakkam Sub Registrar Office is responsible for property registration in Nagamman Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What other streets in Korattur have guideline values?

Other streets in Korattur include Nagathamman Koil Street at Rs 2,900 per sq.ft, Nagavalli Nagar at Rs 2,500 per sq.ft, and several others, all of which have their own respective guideline values.