Guideline Value for NAGAPPAIYAR STREET

Nagappaiyar Street guideline value

The current guideline value of Nagappaiyar Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village and falls under the Mylapore SRO. The land classification for this area is Residential Class III Type - III.

How the guideline value of Nagappaiyar Street has changed

The guideline value for Nagappaiyar Street has seen several revisions over the years. Starting with Rs 872 per sq.ft in 2002, it increased to Rs 969 per sq.ft in 2003, marking an increase of 11%. The value then rose significantly to Rs 1,540 per sq.ft in 2007, reflecting a 59% increase. Following this, the value surged to Rs 8,000 per sq.ft in 2012, a notable increase of 419%.

However, from 2012 to 2017, the guideline value decreased to Rs 5,360 per sq.ft, which is a drop of 33%. The most recent revision in 2024 set the value at Rs 8,800 per sq.ft, representing a 64% increase from the 2017 figure. It is important to note that the register has no figure for this street for the year 2023.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value is Rs 8,800 per sq.ft, which is equal to the current value of Nagappaiyar Street.

• Nagarathinam Colony Street: Rs 8,800 per sq.ft (2024)
• Nagammai Street: Rs 8,800 per sq.ft (2024)
• Nadu Street: Rs 8,800 per sq.ft (2024)
• Nadukuppam Street: Rs 3,300 per sq.ft (2024)
• Nadukuppam 8th Street: Rs 3,300 per sq.ft (2024)
• Nadukuppam 7th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Nagappaiyar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty is charged at 7%, amounting to Rs 6,16,000, and the registration fee at 2% totals Rs 1,76,000. Together, the total cost for these fees would be Rs 7,92,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nagappaiyar Street?

The Sub Registrar Office that covers Nagappaiyar Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which properties can be registered. When buying or selling property, this value is used to calculate the stamp duty and registration fees, ensuring that both parties adhere to the legal requirements.

During the registration process, the guideline value helps to establish transparency in property transactions. It is essential for buyers and sellers to be aware of the current guideline value to avoid disputes and ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Nagappaiyar Street?

The current guideline value of Nagappaiyar Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 872 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 909% over this period.

What are the stamp duty and registration fees for property in Nagappaiyar Street?

For a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000 and the registration fee would be Rs 1,76,000, totaling Rs 7,92,000.

Which Sub Registrar Office covers Nagappaiyar Street?

The Mylapore Sub Registrar Office covers Nagappaiyar Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification for Nagappaiyar Street?

Nagappaiyar Street is classified as Residential Class III Type - III, indicating its suitability for residential development.