Guideline Value for NOCHIKKUPPAM SLUM

Nochikkuppam Slum guideline value

The current guideline value for Nochikkuppam Slum is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class V Type - III.

How the guideline value of Nochikkuppam Slum has changed

The guideline value for Nochikkuppam Slum has seen several revisions over the years. In 2012, the value was Rs 3,000 per sq.ft. This dropped to Rs 2,010 per sq.ft in 2017, marking a decrease of 33%. However, from 2017 to 2023, the value increased significantly to Rs 3,000 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft, showing a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value is Rs 8,800 per sq.ft, indicating that the guideline value for Nochikkuppam Slum is below this median.

• Nochikkuppam Tnscb Tenements: Rs 3,300 per sq.ft (2024)
• Nithiyanandam Street: Rs 8,800 per sq.ft (2024)
• Nimmo Street: Rs 8,800 per sq.ft (2024)
• Norton 1st Lane/Street: Rs 9,300 per sq.ft (2024)
• Norton 2nd Lane/Street: Rs 9,300 per sq.ft (2024)
• Norton 3rd Lane/Street: Rs 9,300 per sq.ft (2024)

Stamp duty and registration fee for property in Nochikkuppam Slum

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that 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 Nochikkuppam Slum?

The Sub Registrar Office that covers Nochikkuppam Slum 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 serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized value determined by the government.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded accurately and that the appropriate taxes are collected by the government.

Frequently asked questions

What is the current guideline value of Nochikkuppam Slum?

The current guideline value of Nochikkuppam Slum is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, an increase of 10%. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012, showing significant fluctuations over the years.

What is the land classification for Nochikkuppam Slum?

Nochikkuppam Slum is classified as Residential Class V Type - III, which is important for determining the applicable guidelines and regulations for property transactions in the area.

Where can I find the Sub Registrar Office for Nochikkuppam Slum?

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

How is the stamp duty calculated for properties in Nochikkuppam Slum?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000 at 7%.