Guideline Value for NANDHI LOOP STREET

Nandhi Loop Street guideline value

The current guideline value of Nandhi Loop Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Government farm village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Nandhi Loop Street has changed

Over the years, the guideline value of Nandhi Loop Street has seen several revisions. The earliest recorded figure is from 2002, where the guideline value was Rs 1,149 per sq.ft. This increased to Rs 1,297 per sq.ft in 2003, marking a 13% rise. The value then saw a significant increase to Rs 2,000 per sq.ft in 2007, reflecting a 54% change. By 2012, the value reached Rs 4,000 per sq.ft, which was a 100% increase from the previous revision. However, it dropped to Rs 2,680 per sq.ft in 2017, showing a decrease of 33%.

From 2017 to 2023, the guideline value rose sharply to Rs 4,000 per sq.ft, which was a 49% increase. The most recent revision in 2024 set the value at Rs 4,400 per sq.ft, a 10% increase from the previous year. There are no figures available for the years not mentioned in this register for Nandhi Loop Street.

Guideline values in Government farm

In Government farm village, there are 35 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 3,850 to Rs 15,400 per sq.ft. The median value for these streets is Rs 8,250 per sq.ft, placing Nandhi Loop Street's 2024 figure below that median.

• Penpet 1st Street: Rs 3,850 per sq.ft (2024)
• Penpet 2nd Street: Rs 3,850 per sq.ft (2024)
• Lotus Colony (Nandanam): Rs 5,830 per sq.ft (2024)
• Loop Street ( Annasalai): Rs 11,000 per sq.ft (2024)
• Link Road: Rs 4,400 per sq.ft (2024)
• Krishnapillai Thotam 2nd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Nandhi Loop Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. 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 further calculations.

Which Sub Registrar Office covers Nandhi Loop Street?

The Sub Registrar Office that covers Nandhi Loop 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 Government farm

The guideline value plays a crucial role in the registration process when buying or selling property in Government farm. It serves as a benchmark for determining the minimum value at which a property can be sold and is used for calculating stamp duty and registration fees.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the transaction reflects the true value of the property for taxation purposes.

Frequently asked questions

What is the current guideline value of Nandhi Loop Street?

The current guideline value of Nandhi Loop Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed through various revisions, starting from Rs 1,149 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 283% since 2002.

What is the land classification for Nandhi Loop Street?

Nandhi Loop Street is classified as Residential Class IV Type - I, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for properties in Nandhi Loop Street?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles registrations for Nandhi Loop Street?

The Chennai South Joint I Sub Registrar Office handles registrations for Nandhi Loop Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.