Guideline Value for NAYAGAM STREET

Nayagam Street guideline value

The current guideline value of Nayagam Street is Rs 1,870 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Nayagam Street has changed

The guideline value for Nayagam Street has seen several revisions over the years. In 2012, the value was set at Rs 1,700 per sq.ft, which then decreased to Rs 1,139 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,700 per sq.ft in 2023, and most recently to Rs 1,870 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2012 to 2024, the guideline value has increased by 10%. The changes between the revisions are notable: from 2017 to 2023, there was a substantial increase of 49%, while the decrease from 2012 to 2017 was 33%. There are no figures available for the revisions in 2002, 2003, and 2007 for Nayagam Street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for Nayagam Street is below this median.

• Neela Nagar 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Neela Nagar 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Neela Nagar 3rd Cross Street: Rs 2,750 per sq.ft (2024)
• Neela Nagar Extension: Rs 2,750 per sq.ft (2024)
• Neela Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Natesan Street: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Nayagam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,870 per sq.ft, the total guideline value would be Rs 18,70,000. The stamp duty at 7% would amount to Rs 1,30,900, and the registration fee at 2% would be Rs 37,400, bringing the total cost for these fees to Rs 1,68,300. 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 precise calculations.

Which Sub Registrar Office covers Nayagam Street?

Nayagam Street is covered by 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 Medavakkam

The guideline value is a crucial factor in the registration process when buying or selling property in Medavakkam. It helps determine the stamp duty and registration fees applicable to the transaction, ensuring compliance with local regulations.

When a property is sold, the guideline value serves as a reference point for the official valuation, which can affect the total costs involved in the transaction. Buyers and sellers should be aware of the current guideline values to understand the financial implications of their property dealings.

Frequently asked questions

What is the current guideline value of Nayagam Street?

The current guideline value of Nayagam Street is Rs 1,870 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,700 per sq.ft in 2012 to Rs 1,139 per sq.ft in 2017, then back to Rs 1,700 in 2023, and finally to Rs 1,870 in 2024.

What is the land classification for Nayagam Street?

Nayagam Street is classified as Residential Class III Type - I.

What other streets have guideline values in Medavakkam?

Other streets in Medavakkam include Neela Nagar 1st Cross Street, Neela Nagar 2nd Cross Street, Neela Nagar 3rd Cross Street, Neela Nagar Extension, Neela Nagar Main Road, and Natesan Street, with varying guideline values.

Where can I find the Sub Registrar Office for Nayagam Street?

The Sub Registrar Office covering Nayagam Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.