Guideline Value for NAMMALVAR NAGAR

Nammalvar Nagar guideline value

The current guideline value of Nammalvar Nagar is Rs 2,100 per sq.ft, effective from 1 July 2024. This area is located in Korattur village, under the Villivakkam SRO, and is classified as Residential Class III Type - I.

How the guideline value of Nammalvar Nagar has changed

The guideline value for Nammalvar Nagar has undergone several revisions over the years. In 2002, the guideline value was Rs 101 per sq.ft, which increased significantly to Rs 375 per sq.ft in 2007. This was a substantial rise of 271%. The value then jumped to Rs 2,000 per sq.ft in 2012, marking an increase of 433%. However, between 2012 and 2017, it saw a decline to Rs 1,340 per sq.ft, a decrease of 33%. The value then rose again to Rs 2,000 per sq.ft in 2023, reflecting a 49% increase. The latest revision in 2024 set the guideline value at Rs 2,100 per sq.ft, which is a 5% increase from the previous year.

It is important to note that there is no figure available for the year 2003 for this street in the register. Overall, from 2002 to 2024, the guideline value has increased by 1979%.

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 in this area is Rs 2,500 per sq.ft, which means that Nammalvar Nagar's 2024 figure is below this median.

• Nagavalli Nagar: Rs 2,500 per sq.ft (2024)
• Nagathamman Koil Street: Rs 2,900 per sq.ft (2024)
• Nagamman Nagar: Rs 1,600 per sq.ft (2024)
• N.A.S.Avenue: Rs 2,900 per sq.ft (2024)
• N.A.S.Garden: Rs 2,900 per sq.ft (2024)
• National High Ways Road: Rs 2,900 per sq.ft (2024)

Stamp duty and registration fee for property in Nammalvar Nagar

For a 1,000 sq.ft plot at the current rate of Rs 2,100 per sq.ft, the guideline value would be Rs 21,00,000. The stamp duty at 7% would amount to Rs 1,47,000, and the registration fee at 2% would be Rs 42,000, totaling Rs 1,89,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Nammalvar Nagar?

The Sub Registrar Office that covers Nammalvar 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 is a crucial factor in the registration process when buying or selling property in Korattur. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that the transaction is recorded at an official value recognized by the government.

When a property is sold, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions, reflecting the official valuation of the property.

Frequently asked questions

What is the current guideline value of Nammalvar Nagar?

The current guideline value of Nammalvar Nagar is Rs 2,100 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 101 per sq.ft in 2002 to Rs 2,100 per sq.ft in 2024, which is an overall increase of 1979%.

What is the land classification for Nammalvar Nagar?

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

Where can I find the Sub Registrar Office for Nammalvar Nagar?

The Villivakkam Sub Registrar Office covers Nammalvar Nagar and is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for property in Nammalvar Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% applies to the transaction.