Guideline Value for Nachiappan Street

Nachiappan Street guideline value

The current guideline value of Nachiappan Street is Rs 9,300 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village, and it falls under the Chennai Central Joint II SRO. The land classification for this area is Commercial Class I Type - III.

How the guideline value of Nachiappan Street has changed

The guideline value for Nachiappan Street has seen several revisions over the years. In 2002, the guideline value was Rs 1,312 per sq.ft. This figure increased significantly to Rs 3,000 per sq.ft in 2007, marking a 129% rise. The value then surged to Rs 8,500 per sq.ft in 2012, reflecting a 183% increase from 2007. However, it decreased by 33% to Rs 5,695 per sq.ft in 2017. The value saw a substantial increase of 49% to Rs 8,500 per sq.ft in 2023, and it further rose by 9% to the current value of Rs 9,300 per sq.ft in 2024.

It is important to note that there is no figure available for the year 2003 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 609%.

Guideline values in Nungambakkam

Nungambakkam village has a total of 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Nachiappan Street's 2024 figure above this median.

• Muthusamy Street: Rs 7,100 per sq.ft (2024)
• Nageswara Road: Rs 10,400 per sq.ft (2024)
• Namachivayapuram: Rs 6,600 per sq.ft (2024)
• Namashivayapuram (facing Nelson Manickam Road): Rs 9,900 per sq.ft (2024)
• Nanjil Manoharan Nagar: Rs 7,700 per sq.ft (2024)
• Narayanan Street: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Nachiappan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 9,300 per sq.ft, the total guideline value amounts to Rs 93,00,000. The stamp duty at 7% would be Rs 6,51,000, and the registration fee at 2% would be Rs 1,86,000, bringing the total to Rs 8,37,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Nachiappan Street?

The Sub Registrar Office that covers Nachiappan Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nungambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during the transaction.

Additionally, the guideline value is used to calculate the stamp duty and registration fees applicable to the property. It is essential for both parties to be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Nachiappan Street?

The current guideline value of Nachiappan Street is Rs 9,300 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 1,312 per sq.ft in 2002 to Rs 9,300 per sq.ft in 2024, marking an overall increase of 609%.

What is the land classification for Nachiappan Street?

Nachiappan Street is classified as Commercial Class I Type - III under the Chennai Central Joint II SRO.

What are the stamp duty and registration fees for properties on Nachiappan Street?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 93,00,000, the total fees would amount to Rs 8,37,000.

Which Sub Registrar Office covers Nachiappan Street?

The Chennai Central Joint II Sub Registrar Office covers Nachiappan Street, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.