Guideline Value for NAGESWARAPURAM

Nageswarapuram guideline value

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

How the guideline value of Nageswarapuram has changed

The guideline value for Nageswarapuram has seen significant changes over the years. The earliest recorded figure is Rs 1,160 per sq.ft from the 2002 revision. This increased to Rs 1,289 per sq.ft in 2003, marking an increase of 11%. The value then rose to Rs 1,540 per sq.ft in 2007, a 19% increase. Following this, the 2012 revision saw a substantial jump to Rs 8,000 per sq.ft, reflecting a 419% increase. However, in 2017, the value decreased to Rs 5,360 per sq.ft, a decline of 33%. The upward trend resumed in 2023 with a value of Rs 8,000 per sq.ft, which then increased by 10% to reach the current figure of Rs 8,800 per sq.ft in the 2024 revision.

Overall, from 2002 to 2024, the guideline value has increased by 659%. The register has no figures for any other years regarding this street.

Guideline values in Mylapore

Mylapore village features a total of 883 streets under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value is Rs 8,800 per sq.ft, which is equal to the current guideline value for Nageswarapuram.

• Nainan Street: Rs 8,800 per sq.ft (2024)
• Nainar Nadar Street: Rs 4,900 per sq.ft (2024)
• Nagarathinam Colony Street: Rs 8,800 per sq.ft (2024)
• Nainiappan Street: Rs 13,200 per sq.ft (2024)
• Nagappaiyar Street: Rs 8,800 per sq.ft (2024)
• Nagammai Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Nageswarapuram

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, charged at 7%, would be Rs 6,16,000, while the registration fee at 2% would be Rs 1,76,000, bringing the total fees to Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nageswarapuram?

The Sub Registrar Office that covers Nageswarapuram 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 during the registration process of property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware that the guideline value is used to calculate the stamp duty and registration fees applicable to the transaction.

When a property is sold or purchased, the transaction must be registered at the Sub Registrar Office, where the guideline value will be referenced. This ensures that the appropriate fees are collected based on the established guideline values for the area.

Frequently asked questions

What is the current guideline value of Nageswarapuram?

The current guideline value of Nageswarapuram 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, increasing from Rs 1,160 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 659% over this period.

What is the land classification for Nageswarapuram?

Nageswarapuram is classified under Residential Class III Type - III land classification.

How is the stamp duty calculated for property in Nageswarapuram?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000.

Where can I find the Sub Registrar Office for Nageswarapuram?

The Sub Registrar Office for Nageswarapuram is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.