Guideline Value for NSK Nagar 1st Street

NSK Nagar 1st Street guideline value

The current guideline value of NSK Nagar 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of NSK Nagar 1st Street has changed

The guideline value for NSK Nagar 1st Street has seen significant changes over the years. In 2002, the value was Rs 163 per sq.ft, which increased to Rs 183 per sq.ft in 2003, marking a change of +12%. From 2003 to the latest revision in 2024, the guideline value surged to Rs 4,400 per sq.ft, representing a dramatic increase of +2304%. Overall, from 2002 to 2024, the guideline value has risen by +2599%.

There are no figures available for the revisions in 2007, 2012, 2017, and 2023 for NSK Nagar 1st Street, indicating that the guideline value remained unrecorded during those years.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, which is equal to the guideline value of NSK Nagar 1st Street.

• NSK Nagar 1st Street / Nehru Nagar Part - 2: Rs 4,400 per sq.ft (2024)
• NSK Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• NSK Nagar 2nd Street / Nehru Nagar Part - 2: Rs 4,400 per sq.ft (2024)
• NSK Nagar 3rd Street: Rs 4,400 per sq.ft (2024)
• NSK Nagar 3rd Street / Nehru Nagar Part - 2: Rs 4,400 per sq.ft (2024)
• NSK Nagar: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in NSK Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total cost for these fees to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers NSK Nagar 1st Street?

The NSK Nagar 1st Street falls under the jurisdiction of the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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

The guideline value is a crucial metric used during property registration in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property in the eyes of the law. This value is used to calculate the applicable fees, which are mandatory for the registration process.

Frequently asked questions

What is the current guideline value of NSK Nagar 1st Street?

The current guideline value of NSK Nagar 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 163 per sq.ft to Rs 4,400 per sq.ft in 2024, marking an overall increase of +2599%.

What is the registration office for NSK Nagar 1st Street?

The registration office covering NSK Nagar 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2% of the guideline value.

Are there any revisions with no figures for NSK Nagar 1st Street?

Yes, the revisions for the years 2007, 2012, 2017, and 2023 have no figures recorded for NSK Nagar 1st Street.