Guideline Value for NSK Nagar

NSK Nagar guideline value

The current guideline value of NSK Nagar is Rs 4,400 per sq.ft, effective from the 2024 revision. NSK Nagar is located in Velachery village under the Velacheri SRO, and it falls under the Residential Class II Type - II land classification.

How the guideline value of NSK Nagar has changed

The guideline value for NSK Nagar has seen significant changes over the years. The 2002 revision recorded a value of Rs 163 per sq.ft, which increased to Rs 183 per sq.ft in the 2003 revision, marking a rise of 12%. However, the most notable change occurred from 2003 to 2024, where the value surged to Rs 4,400 per sq.ft, reflecting an increase of 2304%. Overall, from 2002 to 2024, the guideline value has escalated by 2599%. The register has no figures for the years 2007, 2012, 2017, and 2023 for this street.

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 is Rs 4,400 per sq.ft, which is equal to the current value of NSK Nagar.

• NSK Nagar 1st Street: Rs 4,400 per sq.ft (2024)
• 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)

Stamp duty and registration fee for property in NSK Nagar

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 higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers NSK Nagar?

The NSK Nagar area 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 additional information.

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

When buying or selling property in Velachery, the guideline value plays a crucial role during the registration process. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that the government receives the appropriate revenue based on the property’s assessed value.

Additionally, the guideline value serves as a benchmark for property transactions, helping buyers and sellers establish a fair price for the property. It is essential to consider the guideline value when negotiating property sales to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of NSK Nagar?

The current guideline value of NSK Nagar is Rs 4,400 per sq.ft, effective from the 2024 revision.

How much has the guideline value changed since 2002?

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

What is the registration office for NSK Nagar?

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

How is stamp duty calculated in NSK Nagar?

Stamp duty in NSK Nagar is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 44,00,000 incurs a stamp duty of Rs 3,08,000 at a rate of 7%.

Are there other streets in Velachery with the same guideline value?

Yes, several other streets in Velachery have the same guideline value of Rs 4,400 per sq.ft for the year 2024, including NSK Nagar 1st Street, NSK Nagar 2nd Street, and NSK Nagar 3rd Street, among others.