Guideline Value for NILA NAGAR

Nila Nagar guideline value

The current guideline value of Nila Nagar, located in Medavakkam village, is Rs 2,750 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Commercial Class I Type - III.

How the guideline value of Nila Nagar has changed

The guideline value for Nila Nagar has seen several revisions over the years. In 2002, the value was Rs 119 per sq.ft, which increased to Rs 138 per sq.ft in 2003. Following that, the value rose significantly to Rs 1,163 per sq.ft in 2007, marking a substantial increase of 743%. In 2012, the value remained at Rs 2,500 per sq.ft, showing a decrease of 33% from the previous revision. The value then rose to Rs 1,675 per sq.ft in 2017, reflecting a 49% increase. The most recent revisions saw the value increase to Rs 2,500 per sq.ft in 2023, and further to Rs 2,750 per sq.ft in 2024, which is a 10% increase.

There are no figures available for the revisions in the years not mentioned in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 2,211%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing Nila Nagar's 2024 value above this median.

• N.S.K. Street: Rs 2,200 per sq.ft (2024)
• Nethaji Street: Rs 2,750 per sq.ft (2024)
• Nehru Street: Rs 2,200 per sq.ft (2024)
• Palam Avenue: Rs 2,200 per sq.ft (2024)
• Neela Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Neela Nagar Extension: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Nila Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, making the total fees together Rs 2,47,500. 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 Nila Nagar?

The Sub Registrar Office that covers Nila Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO online.

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

The guideline value is a crucial factor during the registration of property transactions in Medavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of the guideline value to ensure compliance with the registration norms set by the authorities.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Nila Nagar?

The current guideline value of Nila Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 119 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting a total increase of 2,211% over this period.

What are the other guideline values in Medavakkam?

Other streets in Medavakkam have varying guideline values, with the median being Rs 2,200 per sq.ft. Nila Nagar's value is above this median.

What are the stamp duty and registration fees for properties in Nila Nagar?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Where can I find the Sub Registrar Office for Nila Nagar?

The Sub Registrar Office for Nila Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.