Guideline Value for NELVAYAL ROAD

Nelvayal Road guideline value

The current guideline value of Nelvayal Road is Rs 4,400 per sq.ft, effective from 1 July 2024. This road is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Nelvayal Road has changed

The guideline value for Nelvayal Road has seen several revisions over the years. In 2007, the value was Rs 1,100 per sq.ft, which increased significantly to Rs 4,000 per sq.ft in 2012, marking a 264% rise. However, the value dropped to Rs 2,680 per sq.ft in 2017, a decrease of 33%. The following revision in 2023 saw a substantial increase to Rs 4,000 per sq.ft, and the most recent revision in 2024 raised it further to Rs 4,400 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 300%.

Guideline values in Purasaivakkam

In Purasaivakkam village, there are 519 streets under the Purasaivakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median value is Rs 5,500 per sq.ft, placing Nelvayal Road's 2024 figure below this median.

• Nelvayal 2nd Lane: Rs 4,400 per sq.ft (2024)
• Nelvayal 1st Street: Rs 4,400 per sq.ft (2024)
• New Farrons Road: Rs 4,400 per sq.ft (2024)
• New Manicka Naicken Street: Rs 7,100 per sq.ft (2024)
• New Secretariat Colony: Rs 7,100 per sq.ft (2024)
• New Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Nelvayal Road

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

Which Sub Registrar Office covers Nelvayal Road?

The Sub Registrar Office that covers Nelvayal Road is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration of property transactions in Purasaivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duties and registration fees.

When buying or selling property, the guideline value helps both parties understand the fair valuation of the property. It is essential to consider this value when negotiating the sale price, as the stamp duty and registration fees are calculated based on the higher of the guideline value or the agreed sale price.

Frequently asked questions

What is the current guideline value of Nelvayal Road?

The current guideline value of Nelvayal Road 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 from Rs 1,100 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 300%.

What is the stamp duty rate for properties in Nelvayal Road?

The stamp duty rate for properties in Nelvayal Road is 7% of the guideline value or the sale price, whichever is higher.

Where is the Purasaivakkam Sub Registrar Office located?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What is the median guideline value in Purasaivakkam?

The median guideline value in Purasaivakkam is Rs 5,500 per sq.ft, with Nelvayal Road's current value being below this median.