Guideline Value for NCL Nagar 2nd Street

NCL Nagar 2nd Street guideline value

The current guideline value of NCL Nagar 2nd Street is Rs 1,900 per sq.ft, effective from 1 July 2024. This street is located in Selavoyal village and falls under the Madhavaram SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of NCL Nagar 2nd Street has changed

The guideline value for NCL Nagar 2nd Street has experienced several revisions over the years. The earliest recorded figure is from 2012, where the guideline value was Rs 1,500 per sq.ft. This figure decreased to Rs 1,206 per sq.ft in the 2017 revision, marking a decline of 20%. However, from 2017 to 2023, the value increased significantly to Rs 1,800 per sq.ft, reflecting a 49% rise. The most recent revision in 2024 set the guideline value at Rs 1,900 per sq.ft, which is a 6% increase from the previous year.

There are no recorded figures for NCL Nagar 2nd Street in the years 2002, 2003, and 2007. Overall, from the 2012 revision to the current 2024 figure, the guideline value has increased by 27%.

Guideline values in Selavoyal

In Selavoyal village, there are 170 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 3,300 per sq.ft, with a median value of Rs 2,200 per sq.ft. NCL Nagar 2nd Street's current value is below this median.

• NCL Nagar 1st Street: Rs 1,900 per sq.ft (2024)
• NCL Nagar: Rs 1,900 per sq.ft (2024)
• Nasreen Street: Rs 2,700 per sq.ft (2024)
• Nehru Street: Rs 1,900 per sq.ft (2024)
• Narayanasamy Garden 9th Street: Rs 2,200 per sq.ft (2024)
• Narayanasamy Garden 8th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in NCL Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value amounts to Rs 19,00,000. The stamp duty at 7% would be Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, bringing the total fees to Rs 1,71,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers NCL Nagar 2nd Street?

The Sub Registrar Office that covers NCL Nagar 2nd Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Selavoyal. It is used to determine the stamp duty and registration fees that are payable when a property is bought or sold. This ensures that the fees are based on a standardized value set by the government, which helps in maintaining transparency in property transactions.

When buying or selling property, the guideline value serves as a benchmark for the transaction, and it is essential for both buyers and sellers to be aware of the current rates to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of NCL Nagar 2nd Street?

The current guideline value of NCL Nagar 2nd Street is Rs 1,900 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 1,900 per sq.ft in 2024, with significant changes in between, including a drop to Rs 1,206 per sq.ft in 2017 and a rise to Rs 1,800 per sq.ft in 2023.

What is the land classification for NCL Nagar 2nd Street?

The land classification for NCL Nagar 2nd Street is Residential Class III Type - I.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in NCL Nagar 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 19,00,000, the stamp duty at 7% would be Rs 1,33,000.