Guideline Value for NEMILI PARK

Nemili Park guideline value

The current guideline value of Nemili Park in Irunkattukottai village is Rs 800 per sq.ft, effective from 1 July 2024. This property falls under the Sriperumpudur SRO and is classified as Residential Special Type - I.

How the guideline value of Nemili Park has changed

Over the years, the guideline value of Nemili Park has seen several revisions. The 2012 revision set the value at Rs 800 per sq.ft, which remained unchanged until the 2023 revision, where it was again Rs 800 per sq.ft. The 2017 revision recorded a lower value of Rs 536 per sq.ft, marking a decrease of 33% from the 2012 figure. The overall change from the 2012 to 2024 revision shows no increase, as the value returned to Rs 800 per sq.ft.

Between the 2017 and 2023 revisions, there was a significant increase of 49%, bringing the value back up to Rs 800 per sq.ft. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Irunkattukottai

In Irunkattukottai, there are 56 streets under the Sriperumpudur SRO that carry a guideline value for 2024, ranging from Rs 250 to Rs 1,250 per sq.ft. The median value for these streets is Rs 400 per sq.ft, indicating that the guideline value of Nemili Park is above this median.

• Nehru Street: Rs 600 per sq.ft (2024)
• N.H.Salai: Rs 1,200 per sq.ft (2024)
• M.G.R.Street: Rs 250 per sq.ft (2024)
• Meenakshi Amman Nagar: Rs 600 per sq.ft (2024)
• Mecca Nagar: Rs 600 per sq.ft (2024)
• Periyar Street: Rs 600 per sq.ft (2024)

Stamp duty and registration fee for property in Nemili Park

For a 1,000 sq.ft plot at the current guideline value of Rs 800 per sq.ft, the total guideline value would be Rs 8,00,000. The stamp duty at 7% would amount to Rs 56,000, and the registration fee at 2% would be Rs 16,000, making the total cost for these fees Rs 72,000. 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 further calculations.

Which Sub Registrar Office covers Nemili Park?

The Sub Registrar Office that covers Nemili Park is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Irunkattukottai. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on the official valuation of the property.

When a property is registered, the guideline value is used to determine the amount of tax payable. Buyers should be aware that the stamp duty is charged on the higher of the guideline value or the sale price, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Nemili Park?

The current guideline value of Nemili Park is Rs 800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 800 per sq.ft since 2012, with a decrease to Rs 536 per sq.ft in 2017, followed by an increase back to Rs 800 per sq.ft in 2023.

What is the land classification of Nemili Park?

Nemili Park is classified as Residential Special Type - I, indicating its designation for residential use.

Where can I find the Sub Registrar Office for Nemili Park?

The Sub Registrar Office for Nemili Park is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

How is stamp duty calculated for property in Nemili Park?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 800 per sq.ft, the stamp duty would be Rs 56,000.