Guideline Value for Nagendira Nagar, Velachery Main Road

Nagendira Nagar, Velachery Main Road guideline value

The current guideline value of Nagendira Nagar, Velachery Main Road is Rs 13,200 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Commercial Class I Type - I.

How the guideline value of Nagendira Nagar, Velachery Main Road has changed

The guideline value of Nagendira Nagar has seen several revisions over the years. In 2012, the guideline value was set at Rs 12,000 per sq.ft. This figure decreased by 33% to Rs 8,040 per sq.ft in the 2017 revision. However, the latest revision in 2024 shows a significant increase of 64%, bringing the guideline value to Rs 13,200 per sq.ft.

Between 2012 and 2024, the overall change in the guideline value is an increase of 10%. It is important to note that there are no recorded figures for the years 2002, 2003, 2007, and 2023 for this street in the register.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, which means that Nagendira Nagar's 2024 figure is above that median.

• Nagendira Nagar: Rs 13,200 per sq.ft (2024)
• Muthurajulu Street: Rs 4,400 per sq.ft (2024)
• Muthuraja Street: Rs 4,400 per sq.ft (2024)
• Narasimman Nagar: Rs 3,850 per sq.ft (2024)
• Narasingapuram 1st Street: Rs 4,400 per sq.ft (2024)
• Narasingapuram 2nd Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Nagendira Nagar, Velachery Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value would be Rs 1,32,00,000. The stamp duty at 7% would amount to Rs 9,24,000, and the registration fee at 2% would be Rs 2,64,000, bringing the total fees together to Rs 11,88,000. Note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nagendira Nagar, Velachery Main Road?

The Sub Registrar Office that covers Nagendira Nagar is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Velachery. It is used to determine the stamp duty and registration fees that must be paid at the time of registration.

When a buyer or seller engages in a property transaction, the guideline value serves as a benchmark for the transaction price. The fees are calculated based on this value or the actual sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Nagendira Nagar?

The current guideline value of Nagendira Nagar, Velachery Main Road is Rs 13,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 12,000 per sq.ft in 2012 to Rs 8,040 per sq.ft in 2017, and then increased to Rs 13,200 per sq.ft in 2024. This represents a 64% increase from 2017 to 2024.

What is the land classification for Nagendira Nagar?

The land classification for Nagendira Nagar is Commercial Class I Type - I, indicating its commercial use and potential in the area.

What are the stamp duty rates for property in Nagendira Nagar?

The stamp duty rate for property in Nagendira Nagar is 7%, while the registration fee is 2%. These fees are calculated based on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for Nagendira Nagar located?

The Sub Registrar Office for Nagendira Nagar is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. This office handles all registration activities for the area.