Guideline Value for NAVALAR NAGAR

Navalar Nagar guideline value

The current guideline value of Navalar Nagar is Rs 6,000 per sq.ft, effective from 1 July 2024. This area is located in Villivakkam village, under the Villivakkam SRO, and is classified as Residential Class II Type - III.

How the guideline value of Navalar Nagar has changed

Over the years, the guideline value of Navalar Nagar has seen several revisions. Starting from the 2003 revision, the value was Rs 1,555 per sq.ft. This figure increased to Rs 1,800 per sq.ft in 2007, marking a 16% rise. The value then saw a significant jump to Rs 5,500 per sq.ft in 2012, which was a 206% increase. However, in the 2017 revision, it decreased to Rs 3,685 per sq.ft, reflecting a decline of 33%. The 2023 revision brought it back up to Rs 5,500 per sq.ft, a 49% increase, and the most recent revision in 2024 set it at Rs 6,000 per sq.ft, a 9% increase from the previous year.

It is important to note that there is no figure available for the year 2002 in the register for Navalar Nagar. Overall, from 2003 to 2024, the guideline value has increased by 286%.

Guideline values in Villivakkam

In Villivakkam, there are 372 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, placing Navalar Nagar's 2024 figure above this median.

• Nehru Nagar (Slum Board Near Burial Ground): Rs 2,200 per sq.ft (2024)
• New Avadi Road: Rs 4,400 per sq.ft (2024)
• Muthumariyamman Nagar: Rs 3,800 per sq.ft (2024)
• Muthumariamman Koil Street (Navalar Nagar): Rs 3,800 per sq.ft (2024)
• North Main Road: Rs 12,100 per sq.ft (2024)
• N.R.N.Avenue: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Navalar Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value would be Rs 60,00,000. The stamp duty at 7% would amount to Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total cost to Rs 5,40,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Navalar Nagar?

The Sub Registrar Office that covers Navalar Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Villivakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

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

Frequently asked questions

What is the current guideline value of Navalar Nagar?

The current guideline value of Navalar Nagar is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,555 per sq.ft in 2003 to Rs 6,000 per sq.ft in 2024, showing an overall increase of 286% over this period.

What is the median guideline value in Villivakkam?

The median guideline value for streets in Villivakkam is Rs 4,900 per sq.ft, with Navalar Nagar's 2024 figure being above this median.

What are the stamp duty rates for property in Navalar Nagar?

The stamp duty for property transactions in Navalar Nagar is charged at 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Navalar Nagar located?

The Sub Registrar Office for Navalar Nagar is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.