Guideline Value for NITHIYANANDAM STREET

Nithiyanandam Street guideline value

The current guideline value of Nithiyanandam Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class III Type - III.

How the guideline value of Nithiyanandam Street has changed

The guideline value for Nithiyanandam Street has undergone several revisions over the years. Starting from Rs 872 per sq.ft in 2002, it increased to Rs 969 per sq.ft in 2003, marking an 11% rise. There is no figure available for the year 2007. In 2012, the value was Rs 8,000 per sq.ft, which was a decrease of 33% from the previous revision. The 2017 revision saw a significant increase to Rs 5,360 per sq.ft, which was a 49% increase from 2012.

The most recent revisions show that the guideline value rose to Rs 8,000 per sq.ft in 2023 and then to Rs 8,800 per sq.ft in 2024, reflecting a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 909%.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO, with guideline values 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 is equal to the current guideline value of Nithiyanandam Street.

• Nimmo 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 Nithiyanandam 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 at 7% would amount to Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, making the total charges 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 our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Nithiyanandam Street?

The Sub Registrar Office that covers Nithiyanandam 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 information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mylapore. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded accurately in the official register.

When a property is sold, the guideline value is often compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Nithiyanandam Street?

The current guideline value of Nithiyanandam 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 increased from Rs 872 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, marking an overall increase of 909% over the years.

What is the median guideline value for streets in Mylapore?

The median guideline value for streets in Mylapore is Rs 8,800 per sq.ft, which is the same as the current guideline value for Nithiyanandam Street.

What fees are associated with buying property on Nithiyanandam Street?

When buying property on Nithiyanandam Street, you will need to pay stamp duty at 7% and a registration fee at 2% based on the higher of the guideline value or the sale price.

Which office handles registrations for Nithiyanandam Street?

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