Guideline Value for Nagalakshmi Street

Nagalakshmi Street guideline value

The current guideline value of Nagalakshmi Street in Zaminpallavaram village is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class I Type - II.

How the guideline value of Nagalakshmi Street has changed

The guideline value for Nagalakshmi Street has seen several revisions over the years. In the 2003 revision, the value was Rs 128 per sq.ft, which increased significantly to Rs 600 per sq.ft in 2007, marking a rise of 369%. The 2012 revision saw the value increase to Rs 3,000 per sq.ft, reflecting a substantial jump of 400%. However, this value dropped to Rs 2,010 per sq.ft in the 2017 revision, a decrease of 33%. The 2023 revision set the value at Rs 3,000 per sq.ft, which then increased to Rs 3,300 per sq.ft in the 2024 revision, representing a 10% rise.

Overall, from 2003 to 2024, the guideline value has increased by 2,478%. It is important to note that there is no figure available for the year 2002 in the register for this street.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO that have a 2024 guideline value ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which matches the current guideline value for Nagalakshmi Street.

• Nagathamman Street (or) Usman Basha Road: Rs 3,300 per sq.ft (2024)
• Nagathamman Street @ Usman Basha Street: Rs 3,300 per sq.ft (2024)
• Naidu Shop Road: Rs 3,520 per sq.ft (2024)
• Nakkiran Street: Rs 3,520 per sq.ft (2024)
• Naladiyar Street: Rs 2,750 per sq.ft (2024)
• Namalvar Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Nagalakshmi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Nagalakshmi Street?

The Sub Registrar Office that covers Nagalakshmi Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Zaminpallavaram. When you buy or sell property, the guideline value is used to determine the stamp duty and registration fees payable at the time of registration. This ensures that the transaction is recorded accurately and that the appropriate taxes are collected by the government.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly influences the financial aspects of property transactions. Understanding these values can help in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Nagalakshmi Street?

The current guideline value of Nagalakshmi Street is Rs 3,300 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 128 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 2,478% over this period.

What is the registration office for Nagalakshmi Street?

The registration office for Nagalakshmi Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated for properties in Nagalakshmi Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft property at the current guideline value would incur a total stamp duty of Rs 2,31,000.

What is the land classification for Nagalakshmi Street?

Nagalakshmi Street is classified as Residential Class I Type - II, which is important for understanding the zoning and usage regulations for properties in this area.