Guideline Value for NAGARATHINAM COLONY STREET

Nagarathinam Colony Street guideline value

The current guideline value of Nagarathinam Colony Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the jurisdiction of the Mylapore SRO, and is classified as Residential Class III Type - III.

How the guideline value of Nagarathinam Colony Street has changed

The guideline value for Nagarathinam Colony Street has undergone several revisions over the years. In 2002, the guideline value was Rs 907 per sq.ft, which increased to Rs 1,008 per sq.ft in 2003, marking an 11% rise. By 2007, the value surged to Rs 1,540 per sq.ft, reflecting a 53% increase. The value then saw a significant jump to Rs 8,000 per sq.ft in 2012, a remarkable 419% increase. However, in 2017, the value dropped to Rs 5,360 per sq.ft, which was a decrease of 33%. The most recent revision in 2024 set the guideline value at Rs 8,800 per sq.ft, representing a 64% increase from 2017.

It is important to note that there is no figure available for the year 2023 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 870%.

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 guideline value of Nagarathinam Colony Street.

• Nagappaiyar Street: Rs 8,800 per sq.ft (2024)
• Nagammai Street: Rs 8,800 per sq.ft (2024)
• Nageswarapuram: 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)

Stamp duty and registration fee for property in Nagarathinam Colony Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, resulting in a total of Rs 7,92,000. Please note that the 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 further calculations.

Which Sub Registrar Office covers Nagarathinam Colony Street?

The Sub Registrar Office that covers Nagarathinam Colony 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 information.

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

The guideline value is an essential factor during property registration in Mylapore. It serves as a benchmark for determining the value of the property for stamp duty and registration fees. When a property is bought or sold, the guideline value ensures that the transaction is recorded at a fair value as per the government's regulations.

Buyers and sellers must be aware that the guideline value may differ from the actual sale price. The stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price, ensuring compliance with the legal requirements for property transactions.

Frequently asked questions

What is the current guideline value of Nagarathinam Colony Street?

The current guideline value of Nagarathinam Colony 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 changed significantly from Rs 907 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 870% over the years.

What is the role of the Mylapore SRO?

The Mylapore SRO is responsible for maintaining the guideline values for properties within its jurisdiction, including Nagarathinam Colony Street, and overseeing property registrations.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the same. This ensures that the property transaction is legally compliant.

Where can I find more information about the guideline values in Mylapore?

For more information about guideline values in Mylapore, you can refer to the Registration Department's guideline value register (TNReginet) or visit the Mylapore Sub Registrar Office.