Guideline Value for NRI Centre City

NRI Centre City guideline value

The current guideline value of NRI Centre City in Kondavakkam village is Rs 700 per sq.ft, effective from 1 July 2024. This property falls under the Sriperumpudur SRO and is classified as Commercial Class I Type - I.

How the guideline value of NRI Centre City has changed

The guideline value for NRI Centre City has seen several revisions over the years. In 2007, the guideline value was Rs 250 per sq.ft, which increased significantly to Rs 700 per sq.ft in 2012. However, it then dropped to Rs 469 per sq.ft in 2017, before returning to Rs 700 per sq.ft in both 2023 and 2024. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

From 2017 to 2023, the guideline value increased by 49%, and there was no change from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has risen by 180%, reflecting substantial changes in the property landscape during this period.

Guideline values in Kondavakkam

In Kondavakkam, six streets under the Sriperumpudur SRO carry a 2024 guideline value ranging from Rs 250 to Rs 903 per sq.ft, with the median value being Rs 700 per sq.ft. NRI Centre City’s 2024 figure aligns with this median.

• NRI centre city ph.II: Rs 700 per sq.ft (2024)
• Mahidhara Central - II Sector-I: Rs 903 per sq.ft (2024)
• Mahidara Central: Rs 700 per sq.ft (2024)
• Sri Sai Balaji Nagar: Rs 250 per sq.ft (2024)
• Teachers Spanish City: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in NRI Centre City

For a 1,000 sq.ft plot at the current guideline value of Rs 700 per sq.ft, the total guideline value amounts to Rs 7,00,000. The stamp duty at 7% would be Rs 49,000, and the registration fee at 2% would be Rs 14,000, making the total cost for these fees Rs 63,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers NRI Centre City?

The NRI Centre City is covered by the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Kondavakkam, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the transaction is recorded accurately.

Additionally, the guideline value helps in establishing a fair price for the property, as it reflects the government's assessment of the property's worth based on various factors. Buyers and sellers should be aware of the current guideline value to make informed decisions during their transactions.

Frequently asked questions

What is the current guideline value of NRI Centre City?

The current guideline value of NRI Centre City is Rs 700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 700 per sq.ft in 2012, then decreased to Rs 469 per sq.ft in 2017, and returned to Rs 700 per sq.ft in both 2023 and 2024.

What is the median guideline value in Kondavakkam?

The median guideline value in Kondavakkam for 2024 is Rs 700 per sq.ft, with NRI Centre City aligning with this figure.

What are the stamp duty and registration fees for properties in NRI Centre City?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 49,000 and the registration fee would be Rs 14,000, totaling Rs 63,000.

Which office handles registrations for NRI Centre City?

The Sriperumpudur Sub Registrar Office handles registrations for NRI Centre City, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.