Guideline Value for NOVA Sprint

NOVA Sprint guideline value

The current guideline value of NOVA Sprint is Rs 7,100 per sq.ft, effective from 1 July 2024. This property is located in Nolambur village, under the jurisdiction of the Villivakkam SRO, and is classified as Residential Special Type - I.

How the guideline value of NOVA Sprint has changed

The guideline value for NOVA Sprint has undergone several revisions over the years. In the 2017 revision, the value was set at Rs 4,355 per sq.ft. This figure increased significantly to Rs 6,500 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 saw the guideline value increase to Rs 7,100 per sq.ft, which is a 9% increase from the previous year.

There are no figures available for the years 2002, 2003, 2007, and 2012 for this street. Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 63%.

Guideline values in 1. Nolambur

In 1. Nolambur, there are 73 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 7,100 per sq.ft, which is the same as the current value for NOVA Sprint.

• NOVA Meridian: Rs 4,355 per sq.ft (2024)
• Nova Colours: Rs 4,355 per sq.ft (2024)
• Nolambur Main Road: Rs 7,100 per sq.ft (2024)
• Pacific City: Rs 7,100 per sq.ft (2024)
• Padasalai Street: Rs 3,300 per sq.ft (2024)
• Panjamuga Sivan Koil Street: Rs 4,355 per sq.ft (2024)

Stamp duty and registration fee for property in NOVA Sprint

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, making the total cost for these fees Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers NOVA Sprint?

The NOVA Sprint property falls under the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

How the guideline value is used when you buy or sell in 1. Nolambur

The guideline value is a crucial factor in the registration process for property transactions in 1. Nolambur. It serves as a benchmark for determining the applicable stamp duty and registration fees, ensuring that these charges are based on the official valuation of the property.

When buying or selling property, it is essential to consider the guideline value, as it influences the overall cost of the transaction. Buyers should be aware that the registration fees and stamp duty will be calculated based on this value, which may affect their budget and financial planning.

Frequently asked questions

What is the current guideline value of NOVA Sprint?

The current guideline value of NOVA Sprint is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2017 revision, the guideline value has seen significant increases: from Rs 4,355 in 2017 to Rs 6,500 in 2023, and then to Rs 7,100 in 2024.

What is the land classification for NOVA Sprint?

NOVA Sprint is classified as Residential Special Type - I, indicating its designation for residential use within the area.

What are the stamp duty and registration fees for a property in NOVA Sprint?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 71,00,000, the total fees would amount to Rs 6,39,000.

Where is the Sub Registrar Office for NOVA Sprint located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.