Guideline Value for NESAMMAL NAGAR 1st Street

NESAMMAL NAGAR 1st Street guideline value

The current guideline value of NESAMMAL NAGAR 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of NESAMMAL NAGAR 1st Street has changed

The guideline value for NESAMMAL NAGAR 1st Street has seen several revisions over the years. Starting from the earliest revision in 2002, the guideline value was Rs 121 per sq.ft. This increased to Rs 250 per sq.ft in 2003, followed by Rs 350 per sq.ft in 2007, and then a significant jump to Rs 2,000 per sq.ft in 2012. In 2017, it decreased to Rs 1,340 per sq.ft, before rising again to Rs 2,000 per sq.ft in 2023. The latest revision in 2024 set the value at Rs 2,200 per sq.ft.

Between the revisions, there have been notable changes. From 2002 to 2003, the value increased by 107%. It further rose by 40% from 2003 to 2007. The value saw a dramatic increase of 471% from 2007 to 2012, followed by a decrease of 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 1718%.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft as of 2024. The median guideline value is Rs 2,200 per sq.ft, which is the same as the current value for NESAMMAL NAGAR 1st Street.

• NESAMMAL NAGAR 2nd Street: Rs 2,200 per sq.ft (2024)
• NESAMMAL NAGAR Annexe: Rs 2,750 per sq.ft (2024)
• NESAMMAL NAGAR - Madhavan Street: Rs 2,200 per sq.ft (2024)
• Nerkundram Scheme(Tnhb): Rs 6,600 per sq.ft (2024)
• Nerkundram Road Murthy Nagar: Rs 3,850 per sq.ft (2024)
• Nerkundram Road: Rs 3,350 per sq.ft (2024)

Stamp duty and registration fee for property in NESAMMAL NAGAR 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, the total cost for stamp duty and registration fee would be Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers NESAMMAL NAGAR 1st Street?

The NESAMMAL NAGAR 1st Street falls under the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Nerkundram. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that the transaction is recorded at a fair value according to government standards.

When a property is sold, the guideline value helps in calculating the applicable taxes and fees, which must be paid at the time of registration. This ensures transparency and compliance with local regulations during property transactions.

Frequently asked questions

What is the current guideline value of NESAMMAL NAGAR 1st Street?

The current guideline value of NESAMMAL NAGAR 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 121 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 1718% over this period.

What is the land classification for NESAMMAL NAGAR 1st Street?

The land classification for NESAMMAL NAGAR 1st Street is Residential Class IV Type - I.

Where can I find the Sub Registrar Office for NESAMMAL NAGAR 1st Street?

The Sub Registrar Office covering NESAMMAL NAGAR 1st Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in NESAMMAL NAGAR 1st Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.