Guideline Value for Nagamani Garden Street

Nagamani Garden Street guideline value

The current guideline value of Nagamani Garden Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village and falls under the Sowcarpet SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Nagamani Garden Street has changed

Over the years, the guideline value of Nagamani Garden Street has seen several revisions. The earliest figure available is from 2003, which was Rs 982 per sq.ft. This value increased to Rs 1,200 per sq.ft in 2007, marking a change of +22%. In 2012, the value rose significantly to Rs 4,000 per sq.ft, a change of +233%. However, it then decreased to Rs 2,680 per sq.ft in 2017, reflecting a decline of -33%. The value further increased to Rs 4,000 per sq.ft in 2023, followed by a rise to the current value of Rs 4,400 per sq.ft in 2024, which is a +10% change.

The register does not have a figure for the year 2002 for this street. Overall, from 2003 to 2024, the guideline value has increased by +348%.

Guideline values in Muthiyalpet

Muthiyalpet village has a total of 357 streets under the Sowcarpet SRO that carry a 2024 guideline value, ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value of these streets is Rs 4,400 per sq.ft, which is equal to the 2024 figure for Nagamani Garden Street.

• Muthusha Maistry Street: Rs 3,800 per sq.ft (2024)
• Muthu Naicken Street: Rs 6,000 per sq.ft (2024)
• Nainiappa Maistry Lane: Rs 4,400 per sq.ft (2024)
• Nainiappa Maistry Street: Rs 6,000 per sq.ft (2024)
• Nainiappa Mudali Street: Rs 6,000 per sq.ft (2024)
• Nainiappa Naicken Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Nagamani Garden Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000. Together, the total cost for these fees would be Rs 3,96,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Nagamani Garden Street?

The Sub Registrar Office that covers Nagamani Garden Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Muthiyalpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the property is not undervalued during transactions.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Nagamani Garden Street?

The current guideline value of Nagamani Garden Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 982 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of +348% over the years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000, and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles property registrations for Nagamani Garden Street?

The Sowcarpet Sub Registrar Office is responsible for property registrations in Nagamani Garden Street, located at No.11, Davidson Street, Sowcarpet, Chennai-01.

What is the land classification for Nagamani Garden Street?

Nagamani Garden Street is classified as Residential Class I Type - I, indicating its suitability for residential development.