Guideline Value for NAKEERAR STREET

Nakeerar Street guideline value

The current guideline value of Nakeerar Street in Pallikaranai village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class II Type - I.

How the guideline value of Nakeerar Street has changed

The guideline value for Nakeerar Street has seen significant changes over the years. In 2002, the value was Rs 119 per sq.ft, which increased to Rs 140 per sq.ft in 2003, marking an 18% rise. The value continued to rise dramatically to Rs 500 per sq.ft in 2007, showing a 257% increase. However, it then decreased to Rs 2,000 per sq.ft in 2012, a decline of 300% from the previous revision.

From 2012, the guideline value increased again to Rs 1,340 per sq.ft in 2017, reflecting a 33% decrease. The value rose to Rs 2,000 per sq.ft in 2023, a significant increase of 49%. Finally, the latest revision in 2024 set the guideline value at Rs 2,200 per sq.ft, which is a 10% increase from the previous year.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing Nakeerar Street's 2024 figure above this median.

• Nageshwariamman Nagar: Rs 1,650 per sq.ft (2024)
• Nagathamman Koil Street: Rs 1,650 per sq.ft (2024)
• Nagammal Avenue Extension: Rs 1,320 per sq.ft (2024)
• Nagammal Avenue: Rs 1,650 per sq.ft (2024)
• Nagamaal Avenue Main Road: Rs 1,650 per sq.ft (2024)
• Nagamaal Avenue 1st Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Nakeerar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Nakeerar Street?

The Sub Registrar Office that covers Nakeerar Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Pallikaranai. It is used to determine the stamp duty and registration fees that must be paid during the registration process. Buyers and sellers should be aware that the guideline value is set by the government and is subject to periodic revisions.

When purchasing property, the buyer must ensure that the sale price is in line with the guideline value to avoid any discrepancies during registration. This ensures that the transaction is compliant with local regulations and helps in the smooth transfer of property ownership.

Frequently asked questions

What is the current guideline value of Nakeerar Street?

The current guideline value of Nakeerar Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 119 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, showing an overall increase of 1749% over the years.

What is the median guideline value in Pallikaranai?

The median guideline value in Pallikaranai for 2024 is Rs 1,650 per sq.ft, with Nakeerar Street's value being above this median.

What fees are associated with buying property on Nakeerar Street?

When buying property on Nakeerar Street, the stamp duty is 7% of the guideline value, and the registration fee is 2%. These fees are based on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Nakeerar Street?

The Sub Registrar Office for Nakeerar Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.