Guideline Value for NESAMMAL NAGAR - Madhavan Street

NESAMMAL NAGAR - Madhavan Street guideline value

The current guideline value of NESAMMAL NAGAR - Madhavan Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village, under the Virugambakkam SRO, and is classified as Residential Class IV Type - I.

How the guideline value of NESAMMAL NAGAR - Madhavan Street has changed

The guideline value of NESAMMAL NAGAR - Madhavan Street has undergone several revisions over the years. The earliest recorded figure is from 2002, which was Rs 121 per sq.ft. This increased significantly to Rs 250 per sq.ft in 2003, marking a 107% rise. Following this, in 2007, the value jumped to Rs 350 per sq.ft, reflecting a 40% increase. The next revision in 2012 saw a substantial increase to Rs 2,000 per sq.ft, which was a remarkable 471% rise from the previous figure. However, in 2017, the value decreased to Rs 1,340 per sq.ft, a decline of 33%. The guideline value then rose to Rs 2,000 per sq.ft in 2023, before reaching the current rate of Rs 2,200 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1718%. There are no figures available for any other years in the register for this street.

Guideline values in Nerkundram

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

• NESAMMAL NAGAR Annexe: Rs 2,750 per sq.ft (2024)
• NESAMMAL NAGAR 2nd Street: Rs 2,200 per sq.ft (2024)
• NESAMMAL NAGAR 1st 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 - Madhavan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to 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.

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

Which Sub Registrar Office covers NESAMMAL NAGAR - Madhavan Street?

The Sub Registrar Office that covers NESAMMAL NAGAR - Madhavan Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor during property transactions in Nerkundram, as it determines the minimum value on which stamp duty and registration fees are calculated. When buying or selling property, the guideline value is compared to the sale price, and the higher amount is used for calculating the applicable duties.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements and to understand the financial implications of their transactions. This value is regularly updated by the Registration Department to reflect changes in the real estate market.

Frequently asked questions

What is the current guideline value for NESAMMAL NAGAR - Madhavan Street?

The current guideline value for NESAMMAL NAGAR - Madhavan 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 changed 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 role of the Sub Registrar Office in property transactions?

The Sub Registrar Office is responsible for the registration of property transactions and ensures that the necessary stamp duties are collected based on the guideline value or sale price, whichever is higher.

How is stamp duty calculated for properties in NESAMMAL NAGAR?

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

Are there other streets in Nerkundram with different guideline values?

Yes, there are several other streets in Nerkundram with varying guideline values. For instance, NESAMMAL NAGAR Annexe has a guideline value of Rs 2,750 per sq.ft in 2024, while NESAMMAL NAGAR 1st and 2nd Streets both have a value of Rs 2,200 per sq.ft.