Guideline Value for Nagalingam Street

Nagalingam Street guideline value

The current guideline value of Nagalingam Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Gowrivakkam village and falls under the Selaiyur SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Nagalingam Street has changed

The guideline value for Nagalingam Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 1,600 per sq.ft, an increase from Rs 1,500 per sq.ft in 2023, representing a change of +7%. Prior to that, in 2017, the value was Rs 1,005 per sq.ft, indicating a significant rise of +49% over the six years leading up to 2023. The register has no figures for the revisions in 2002, 2003, and 2007.

In 2012, the guideline value was Rs 1,500 per sq.ft, which was a decrease of -33% from the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by +7%, reflecting the current value of Rs 1,600 per sq.ft.

Guideline values in Gowrivakkam

Gowrivakkam village features 130 streets under the Selaiyur SRO, with guideline values ranging from Rs 840 to Rs 3,750 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing Nagalingam Street's 2024 figure below this median.

• Nakkiran Street: Rs 840 per sq.ft (2024)
• Mutharamman Koil Street: Rs 840 per sq.ft (2024)
• Nehur Street: Rs 2,200 per sq.ft (2024)
• Metro Apartments: Rs 840 per sq.ft (2024)
• Padmavathi Nagar: Rs 840 per sq.ft (2024)
• Palaniappa Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Nagalingam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, totaling Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nagalingam Street?

The Sub Registrar Office that covers Nagalingam Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, 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 Gowrivakkam

The guideline value is a crucial factor during the registration process of property transactions in Gowrivakkam. It serves as a benchmark for determining the stamp duty and registration fees that buyers must pay, ensuring that these costs are calculated based on the official value set by the government.

When buying or selling property, the guideline value helps in establishing a fair transaction price and is used to assess the legal obligations associated with the transfer of property ownership. It is essential for both buyers and sellers to be aware of these values to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Nagalingam Street?

The current guideline value of Nagalingam Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2023 to Rs 1,600 per sq.ft in 2024. It was Rs 1,005 per sq.ft in 2017, and Rs 1,500 per sq.ft in 2012.

What is the median guideline value in Gowrivakkam?

The median guideline value for streets in Gowrivakkam is Rs 2,200 per sq.ft, which is higher than the current guideline value of Nagalingam Street.

What are the stamp duty and registration fees for property in Nagalingam Street?

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 and the registration fee would be Rs 32,000, totaling Rs 1,44,000.

Which office handles registrations for Nagalingam Street?

The Selaiyur Sub Registrar Office handles registrations for Nagalingam Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.