Guideline Value for NALLAPPAN STREET

Nallappan Street guideline value

The current guideline value of Nallappan Street is Rs 8,800 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 III Type - III.

How the guideline value of Nallappan Street has changed

The guideline value for Nallappan Street has seen significant changes over the years. In 2002, the guideline value was Rs 872 per sq.ft, which increased to Rs 969 per sq.ft in 2003, marking an 11% rise. The next recorded revision was in 2012, where the value was Rs 8,000 per sq.ft, a substantial increase of 726% from 2003. However, this figure dropped by 33% to Rs 5,360 per sq.ft in 2017.

In 2023, the guideline value rose to Rs 8,000 per sq.ft, and then further increased by 10% to Rs 8,800 per sq.ft in 2024. It is important to note that the register has no figure for Nallappan Street for the year 2007.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO, with guideline values 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 the same as the current value for Nallappan Street.

• Nallanna Mudali Street: Rs 8,800 per sq.ft (2024)
• Nallanna Mudali Lane: Rs 8,800 per sq.ft (2024)
• Nainiappan Street: Rs 13,200 per sq.ft (2024)
• Nainar Nadar Street: Rs 4,900 per sq.ft (2024)
• Nainan Street: Rs 8,800 per sq.ft (2024)
• Nageswarapuram: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Nallappan 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, totaling 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Nallappan Street?

Nallappan Street falls under 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 during the registration of property transactions. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property in Mylapore, the guideline value helps both buyers and sellers understand the official valuation of the property. It is essential for both parties to be aware of the guideline value to avoid disputes during the registration process.

Frequently asked questions

What is the current guideline value of Nallappan Street?

The current guideline value of Nallappan 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 undergone several revisions, increasing from Rs 872 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 909% over this period.

What are the stamp duty and registration fees for properties on Nallappan Street?

The stamp duty for properties on Nallappan Street is 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 88,00,000, the total fees would amount to Rs 7,92,000.

Which office handles the registration for Nallappan Street?

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

What is the significance of the guideline value in property transactions?

The guideline value is essential as it sets the minimum value for property registration, ensuring that appropriate stamp duty and registration fees are collected by the government. It helps maintain transparency and fairness in property transactions.