Guideline Value for NAYAGAM AVENUE

Nayagam Avenue guideline value

The current guideline value of Nayagam Avenue is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Ottiyampakkam village under the Selaiyur SRO, classified as Residential Class II Type - I.

How the guideline value of Nayagam Avenue has changed

The guideline value for Nayagam Avenue has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which then decreased to Rs 1,005 per sq.ft in the 2017 revision. However, in the 2023 revision, the value increased significantly to Rs 1,500 per sq.ft, and the latest 2024 revision raised it further to Rs 1,650 per sq.ft, marking a 10% increase from the previous year.

Between the 2017 and 2023 revisions, there was a notable increase of 49%. Overall, comparing the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that the register does not have figures for Nayagam Avenue for the years 2002, 2003, and 2007.

Guideline values in Ottiyampakkam

In Ottiyampakkam, there are 88 streets under the Selaiyur SRO, with guideline values ranging from Rs 1,300 to Rs 4,300 per sq.ft. The median value for these streets is Rs 1,950 per sq.ft, which means Nayagam Avenue's 2024 figure is below this median.

• Nehru Street: Rs 1,950 per sq.ft (2024)
• Nandhini Garden: Rs 1,950 per sq.ft (2024)
• Otteeswarar Koil Street: Rs 1,950 per sq.ft (2024)
• Otteeswarar Nagar: Rs 1,950 per sq.ft (2024)
• Ottiambakkam Main Road: Rs 2,200 per sq.ft (2024)
• Ottiambakkam Odai Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Nayagam Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty, charged at 7%, would be Rs 1,15,500, while the registration fee at 2% would be Rs 33,000, bringing the total fees to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Nayagam Avenue?

The Nayagam Avenue falls under the jurisdiction of the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opposite to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Ottiyampakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate stamp duty and registration fees.

When buying or selling property, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Nayagam Avenue?

The current guideline value of Nayagam Avenue is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification of Nayagam Avenue?

Nayagam Avenue is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is stamp duty calculated for property in Nayagam Avenue?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at the current guideline value would incur a total stamp duty of Rs 1,15,500.