Guideline Value for NAMMAZHVAR CHETTY STREET

Nammazhvar Chetty Street guideline value

The current guideline value of Nammazhvar Chetty Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Class III Type - I.

How the guideline value of Nammazhvar Chetty Street has changed

The guideline value for Nammazhvar Chetty Street has undergone several revisions over the years. The 2007 revision set the value at Rs 1,800 per sq.ft. This increased to Rs 5,000 per sq.ft in 2012, representing a significant rise of 178%. However, in the 2017 revision, the value decreased to Rs 3,350 per sq.ft, marking a decline of 33%. By 2023, the value had increased again to Rs 5,000 per sq.ft, and the latest revision in 2024 has set the value at Rs 5,500 per sq.ft, reflecting a 10% increase from the previous year.

In summary, from the 2007 revision to the 2024 revision, the guideline value has increased by 206%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median guideline value is Rs 5,500 per sq.ft, which is equal to the current value of Nammazhvar Chetty Street.

• Nammalwar Lane: Rs 5,500 per sq.ft (2024)
• Nancy Street: Rs 5,500 per sq.ft (2024)
• Nallayya Naidu Street: Rs 5,500 per sq.ft (2024)
• Nakkeeran Street: Rs 4,900 per sq.ft (2024)
• Nainiappa Naicken Street: Rs 4,900 per sq.ft (2024)
• Naina Mohhamed Rowther Street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Nammazhvar Chetty Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, making the total fees together Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Nammazhvar Chetty Street?

The Sub Registrar Office that covers Nammazhvar Chetty Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Purasaivakkam. It is used to determine the stamp duty and registration fees payable when buying or selling property, ensuring that the transaction is recorded accurately in the official register.

When a property is sold, the guideline value is assessed to calculate the applicable duties. Buyers should be aware that the duty is charged on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Nammazhvar Chetty Street?

The current guideline value of Nammazhvar Chetty Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 206% over the years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which Sub Registrar Office covers Nammazhvar Chetty Street?

The Purasaivakkam Sub Registrar Office covers Nammazhvar Chetty Street, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What is the land classification for Nammazhvar Chetty Street?

Nammazhvar Chetty Street is classified as Residential Class III Type - I.