Guideline Value for Naalvar Nagar

Naalvar Nagar guideline value

The current guideline value of Naalvar Nagar, located in Grandlyon village under the Redhills SRO, is Rs 660 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Naalvar Nagar has changed

The guideline value for Naalvar Nagar has seen significant changes over the years. In the 2003 revision, the value was Rs 40 per sq.ft. This increased to Rs 300 per sq.ft in 2007, marking a rise of 650%. The 2012 revision saw a further increase to Rs 600 per sq.ft, which was a 100% increase from the previous revision. However, in 2017, the value decreased to Rs 402 per sq.ft, reflecting a drop of 33%. The 2023 revision brought the value back up to Rs 600 per sq.ft, and the most recent revision in 2024 set the value at Rs 660 per sq.ft, representing a 10% increase from the previous year.

Overall, from the 2003 revision to the current 2024 revision, the guideline value has increased by 1550%. It is important to note that there is no figure available for the year 2002 in the register for this street.

Guideline values in Grandlyon

In Grandlyon village, there are 82 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 1,500 per sq.ft. The median guideline value for these streets is Rs 660 per sq.ft, which is equal to the current value of Naalvar Nagar.

• Muthu Kumaran Nagar Annex: Rs 820 per sq.ft (2024)
• Muthu Kumaran Nagar: Rs 515 per sq.ft (2024)
• Muruganandam Street: Rs 660 per sq.ft (2024)
• M.G.R. Street: Rs 660 per sq.ft (2024)
• New Star City: Rs 585 per sq.ft (2024)
• New Star City Diamond: Rs 515 per sq.ft (2024)

Stamp duty and registration fee for property in Naalvar Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value would be Rs 6,60,000. The stamp duty, charged at 7%, would amount to Rs 46,200, while the registration fee, charged at 2%, would be Rs 13,200. Together, the total cost for stamp duty and registration fee would be Rs 59,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Naalvar Nagar?

Naalvar Nagar falls under the jurisdiction of the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. For more details, you can find your SRO.

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

The guideline value is a crucial factor in property transactions within Grandlyon. It serves as a benchmark for determining the minimum value at which a property can be registered. When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are aligned with the official valuation of the property.

During the registration process, buyers and sellers must be aware that the stamp duty is charged on the higher of the guideline value or the sale price. This means that if the sale price exceeds the guideline value, the stamp duty will be calculated based on the sale price instead.

Frequently asked questions

What is the current guideline value of Naalvar Nagar?

The current guideline value of Naalvar Nagar is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 40 per sq.ft in 2003 to Rs 660 per sq.ft in 2024, reflecting a total increase of 1550% over this period.

What are the stamp duty rates for property transactions in Naalvar Nagar?

The stamp duty for property transactions in Naalvar Nagar is charged at a rate of 7% on the guideline value or the sale price, whichever is higher.

Where can I find the Redhills Sub Registrar Office?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the land classification of Naalvar Nagar?

Naalvar Nagar falls under the Residential Class II Type - I land classification.