Guideline Value for Nagappan Street

Nagappan Street guideline value

The current guideline value of Nagappan Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village under the Virugambakkam SRO and is classified as Residential Class III Type - I.

How the guideline value of Nagappan Street has changed

The guideline value for Nagappan Street has seen significant changes over the years. Starting from Rs 412 per sq.ft in 2002, it increased to Rs 450 per sq.ft in 2003, marking a 9% rise. In 2007, the value jumped to Rs 550 per sq.ft, reflecting a 22% increase. The value further surged to Rs 3,000 per sq.ft in 2012, a substantial increase of 445%. However, it then decreased to Rs 2,010 per sq.ft in 2017, a decline of 33%. The value rose again to Rs 3,000 per sq.ft in 2023, and most recently, it has reached Rs 3,300 per sq.ft in 2024, representing a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 701%. The register contains no figures for the revisions in years other than those listed.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO, with guideline values for 2024 ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, which means Nagappan Street's current value is below that median.

• Nagathamman Koil Street: Rs 3,300 per sq.ft (2024)
• Nadigar Thilagam Shivaji Ganesan Nagar: Rs 3,300 per sq.ft (2024)
• Nallan Street: Rs 3,300 per sq.ft (2024)
• Muthuramalinga Street: Rs 5,500 per sq.ft (2024)
• Muthulakshmi Street: Rs 4,400 per sq.ft (2024)
• Muthukumarappa Road: Rs 9,900 per sq.ft (2024)

Stamp duty and registration fee for property in Nagappan Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. 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 further calculations.

Which Sub Registrar Office covers Nagappan Street?

The Sub Registrar Office that covers Nagappan Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Saligramam. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded accurately in the official registers.

When a property is sold, the guideline value helps establish a baseline for the sale price, which can influence negotiations between buyers and sellers. It is essential for both parties to be aware of the current guideline value to ensure a fair and transparent transaction.

Frequently asked questions

What is the current guideline value of Nagappan Street?

The current guideline value of Nagappan 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 increased from Rs 412 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, marking a total increase of 701% over this period.

What is the land classification for Nagappan Street?

Nagappan Street is classified as Residential Class III Type - I, indicating its suitability for residential purposes.

Where can I find the Sub Registrar Office for Nagappan Street?

The Sub Registrar Office for Nagappan Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Nagappan Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.