Guideline Value for NAINAR NADAR STREET

Nainar Nadar Street guideline value

The current guideline value of Nainar Nadar Street is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class V Type - II.

How the guideline value of Nainar Nadar Street has changed

The guideline value for Nainar Nadar Street has seen several revisions over the years. In 2002, the value was Rs 783 per sq.ft, which increased to Rs 870 per sq.ft in 2003. The next recorded revision was in 2012, where the value was Rs 4,500 per sq.ft, and this remained unchanged until 2017 when it dropped to Rs 3,015 per sq.ft. The value then rose significantly to Rs 4,500 per sq.ft in 2023, before reaching the current value of Rs 4,900 per sq.ft in 2024.

Between the revisions, notable changes include a substantial increase of 417% from 2003 to 2012, followed by a decrease of 33% from 2012 to 2017. The value then surged by 49% from 2017 to 2023, and finally, there was a 9% increase from 2023 to 2024. It is important to note that the register has no figure for Nainar Nadar Street for the year 2007.

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 value for these streets is Rs 8,800 per sq.ft, which indicates that Nainar Nadar Street's current guideline value is below this median.

• Nainan Street: Rs 8,800 per sq.ft (2024)
• Nainiappan Street: Rs 13,200 per sq.ft (2024)
• Nageswarapuram: Rs 8,800 per sq.ft (2024)
• Nallanna Mudali Lane: Rs 8,800 per sq.ft (2024)
• Nallanna Mudali Street: Rs 8,800 per sq.ft (2024)
• Nallappan Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Nainar Nadar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value amounts to Rs 49,00,000. The stamp duty at 7% would be Rs 3,43,000, while the registration fee at 2% would be Rs 98,000, leading to a total of Rs 4,41,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nainar Nadar Street?

The Sub Registrar Office covering Nainar Nadar 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 plays a crucial role in property transactions in Mylapore, as it determines the minimum value at which property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as it affects the stamp duty and registration fees applicable to the transaction.

When registering a property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the state government receives the appropriate revenue from property transactions. This value is updated periodically to reflect changes in the real estate market, making it essential for buyers and sellers to stay informed about the current rates.

Frequently asked questions

What is the current guideline value of Nainar Nadar Street?

The current guideline value of Nainar Nadar Street is Rs 4,900 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 783 per sq.ft in 2002 to Rs 4,900 per sq.ft in 2024, with various increases and decreases noted in the revisions.

What is the stamp duty rate for properties in Nainar Nadar Street?

The stamp duty rate for properties in Nainar Nadar Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Mylapore Sub Registrar Office located?

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

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum registration value of a property, which influences the stamp duty and registration fees during a property transaction.