Guideline Value for NAGAVALLI NAGAR

Nagavalli Nagar guideline value

The current guideline value for Nagavalli Nagar, located in Korattur village under the Villivakkam SRO, is Rs 2,500 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - III.

How the guideline value of Nagavalli Nagar has changed

The guideline value for Nagavalli Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 69 per sq.ft, which increased to Rs 250 per sq.ft in 2007, marking an increase of 262%. The value then surged to Rs 2,300 per sq.ft in 2012, reflecting an increase of 820%. However, from 2012 to 2017, the value decreased by 33% to Rs 1,541 per sq.ft. The most recent revision in 2024 brought the guideline value up to Rs 2,500 per sq.ft, representing a 62% increase from 2017.

It is important to note that there are no figures available for the revisions in 2023 and 2003 for this street. Overall, from 2002 to 2024, the guideline value has increased by 3523%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value is Rs 2,500 per sq.ft, which aligns with the current value for Nagavalli Nagar.

• Nagathamman Koil Street: Rs 2,900 per sq.ft (2024)
• Nagamman Nagar: Rs 1,600 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)
• N.A.S.Avenue: Rs 2,900 per sq.ft (2024)

Stamp duty and registration fee for property in Nagavalli Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total to Rs 2,25,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can calculate your own fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nagavalli Nagar?

The Sub Registrar Office that covers Nagavalli Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Korattur. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. This ensures that the government receives the appropriate revenue based on the assessed value of the property.

When registering a property, buyers must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This system helps maintain transparency in property transactions and ensures compliance with local regulations.

Frequently asked questions

What is the current guideline value for Nagavalli Nagar?

The current guideline value for Nagavalli Nagar is Rs 2,500 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 69 per sq.ft in 2002 to Rs 2,500 per sq.ft in 2024, marking an overall increase of 3523%.

What is the land classification for Nagavalli Nagar?

Nagavalli Nagar is classified as Residential Class II Type - III, indicating its suitability for residential development.

Where can I find the registration office for Nagavalli Nagar?

The registration office for Nagavalli Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate would incur a total of Rs 2,25,000 in fees.