Guideline Value for NIMMO STREET

Nimmo Street guideline value

The current guideline value of Nimmo Street is Rs 8,800 per sq.ft, effective from 1 July 2024. It is located in Mylapore village under the Mylapore SRO and falls under the Residential Class III Type - III land classification.

How the guideline value of Nimmo Street has changed

The guideline value for Nimmo Street has seen several revisions over the years. In 2002, the value was Rs 699 per sq.ft, which increased to Rs 777 per sq.ft in 2003, marking an increase of 11%. Following this, the value surged dramatically to Rs 8,000 per sq.ft in 2012, reflecting a significant increase of 930%. However, in 2017, the value dropped to Rs 5,360 per sq.ft, a decrease of 33%. The most recent revision in 2024 set the guideline value at Rs 8,800 per sq.ft, which is a substantial increase of 64% from the previous revision.

It is important to note that there are no figures available for Nimmo Street in the 2007 and 2023 revisions. Overall, from 2002 to 2024, the guideline value has increased by 1159%.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, which aligns with the current value of Nimmo Street.

• Nithiyanandam Street: Rs 8,800 per sq.ft (2024)
• Nochikkuppam Slum: Rs 3,300 per sq.ft (2024)
• Nochikkuppam Tnscb Tenements: Rs 3,300 per sq.ft (2024)
• NEW STREET (Near Lloyds Road 3rd Street [Vallalar Flats): Rs 7,700 per sq.ft (2024)
• New Street (Mylapore): Rs 8,800 per sq.ft (2024)
• Norton 1st Lane/Street: Rs 9,300 per sq.ft (2024)

Stamp duty and registration fee for property in Nimmo Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty, charged at 7%, would amount to Rs 6,16,000, while the registration fee at 2% would be Rs 1,76,000. Together, the total cost for duty and registration would be Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Nimmo Street?

The Sub Registrar Office that covers Nimmo Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the property is not undervalued during the registration process.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Nimmo Street?

The current guideline value of Nimmo Street is Rs 8,800 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 699 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 1159% over the years.

What is the land classification of Nimmo Street?

Nimmo Street falls under the Residential Class III Type - III land classification.

What are the stamp duty rates applicable for properties in Nimmo Street?

The stamp duty for properties in Nimmo Street is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office located for Nimmo Street?

The Sub Registrar Office for Nimmo Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.