Guideline Value for NSK Nagar 2nd Street

NSK Nagar 2nd Street guideline value

The current guideline value of NSK Nagar 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of NSK Nagar 2nd Street has changed

The guideline value for NSK Nagar 2nd Street has seen significant changes over the years. In the 2002 revision, the value was Rs 163 per sq.ft, which increased to Rs 183 per sq.ft in 2003, marking a rise of 12%. The most recent revision in 2024 shows the guideline value at Rs 4,400 per sq.ft, reflecting a massive increase of 2304% from the 2003 figure.

Overall, from the 2002 revision to the 2024 revision, the guideline value has increased by 2599%. It is important to note that the register has no figures for the years 2007, 2012, 2017, and 2023 for this street.

Guideline values in Velachery

In Velachery, there are 2691 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 value among these streets is Rs 4,400 per sq.ft, which is the same as the guideline value for NSK Nagar 2nd Street.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers NSK Nagar 2nd Street?

The NSK Nagar 2nd Street is covered by 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 information.

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

The guideline value plays a crucial role during the property registration process in Velachery. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. This ensures that the transaction is recorded at a value recognized by the government.

When you register a property, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees. This process helps maintain transparency and standardization in property transactions.

Frequently asked questions

What is the current guideline value of NSK Nagar 2nd Street?

The current guideline value of NSK Nagar 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 163 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 2599%.

What is the land classification for NSK Nagar 2nd Street?

NSK Nagar 2nd Street is classified as Residential Class II Type - II.

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in NSK Nagar 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property at the guideline value of Rs 44,00,000, the stamp duty would be Rs 3,08,000.