Guideline Value for NEMICHAND PARK

Nemichand Park guideline value

The current guideline value of Nemichand Park in Karikili village is Rs 100 per sq.ft, effective from 1 July 2024. This property falls under the Salavakkam SRO and is classified as Residential Class I Type - I.

How the guideline value of Nemichand Park has changed

The guideline value for Nemichand Park has seen several revisions over the years. The 2012 revision set the value at Rs 80 per sq.ft, which decreased to Rs 54 per sq.ft in 2017. However, from 2017 to 2023, the value increased significantly by 85%, bringing it back to Rs 100 per sq.ft, which remained unchanged in the 2024 revision.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 25%, with the most recent change showing no increase from 2023 to 2024.

Guideline values in Karikili

In Karikili village, there are 12 streets under the Salavakkam SRO that carry a 2024 guideline value ranging from Rs 100 to Rs 150 per sq.ft, with a median value of Rs 116 per sq.ft. The guideline value of Nemichand Park is below this median.

• Madura Nagar: Rs 111 per sq.ft (2024)
• Layout (No Name): Rs 120 per sq.ft (2024)
• Kuberan Nagar: Rs 120 per sq.ft (2024)
• K.J.Nagar Phase-III: Rs 120 per sq.ft (2024)
• K.J.Nagar Phase-II: Rs 111 per sq.ft (2024)
• K.J.Nagar: Rs 111 per sq.ft (2024)

Stamp duty and registration fee for property in Nemichand Park

For a 1,000 sq.ft plot at the current guideline value of Rs 100 per sq.ft, the total guideline value amounts to Rs 1,00,000. The stamp duty at 7% would be Rs 7,000, and the registration fee at 2% would be Rs 2,000, bringing the total fees to Rs 9,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nemichand Park?

The Sub Registrar Office that covers Nemichand Park is the Salavakkam Sub Registrar Office, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Karikili. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that transactions are conducted fairly and transparently.

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

Frequently asked questions

What is the current guideline value of Nemichand Park?

The current guideline value of Nemichand Park is Rs 100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 80 per sq.ft in 2012 to Rs 54 per sq.ft in 2017, then increased to Rs 100 per sq.ft in both 2023 and 2024.

What are the other streets in Karikili with their guideline values?

Other streets in Karikili include Madura Nagar at Rs 111 per sq.ft, Layout (No Name) at Rs 120 per sq.ft, Kuberan Nagar at Rs 120 per sq.ft, K.J.Nagar Phase-III at Rs 120 per sq.ft, K.J.Nagar Phase-II at Rs 111 per sq.ft, and K.J.Nagar at Rs 111 per sq.ft.

What are the fees associated with buying property in Nemichand Park?

The fees associated with buying property include stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur total fees of Rs 9,000.

Where is the Sub Registrar Office for Nemichand Park?

The Sub Registrar Office for Nemichand Park is located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone.