Guideline Value for Nakeeran Street, Muthamiaz Nagar

Nakeeran Street, Muthamiaz Nagar guideline value

The current guideline value of Nakeeran Street in Muthamiaz Nagar is Rs 2,475 per sq.ft, effective from 1 July 2024. This street falls under Pammal village and is classified as Residential Class I Type - II. The applicable Sub Registrar Office (SRO) for this area is Pammal SRO.

How the guideline value of Nakeeran Street, Muthamiaz Nagar has changed

The guideline value for Nakeeran Street has undergone several revisions over the years. The earliest recorded revision was in 2002, but the register has no figure for this street in that year. Similarly, there are no figures for the revisions in 2003, 2007, 2012, and 2023. The 2017 revision listed the guideline value at Rs 1,507 per sq.ft. The latest revision in 2024 has increased this value to Rs 2,475 per sq.ft, marking a significant increase of 64% from the 2017 figure.

This upward change reflects the current guideline value set for 2024. The increase from Rs 1,507 to Rs 2,475 indicates a notable adjustment in property valuation over the seven-year span between revisions.

Guideline values in Pammal

In Pammal village, there are 926 streets under the Pammal SRO that have a guideline value for 2024. The values range from Rs 880 to Rs 3,300 per sq.ft, with a median value of Rs 2,090 per sq.ft. Nakeeran Street's 2024 guideline value of Rs 2,475 per sq.ft is above this median.

• Naladurai School Street: Rs 1,760 per sq.ft (2024)
• Nagelkeni ,Cross Street: Rs 1,980 per sq.ft (2024)
• Nalathambi Street / Pasumpon Nagar: Rs 2,750 per sq.ft (2024)
• Nagelkeni: Rs 1,980 per sq.ft (2024)
• Nalathambi Street / Sholavaram Nagar: Rs 2,750 per sq.ft (2024)
• Nalathambi Street / Thiru Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Nakeeran Street, Muthamiaz Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,475 per sq.ft, the total guideline value amounts to Rs 24,75,000. The stamp duty is calculated at 7%, resulting in Rs 1,73,250, while the registration fee at 2% amounts to Rs 49,500. Therefore, the total cost for stamp duty and registration fee together is Rs 2,22,750. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nakeeran Street, Muthamiaz Nagar?

The Sub Registrar Office that covers Nakeeran Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, 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 Pammal

The guideline value is a crucial factor in the property registration process in Pammal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is conducted at a fair value as per government standards.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. This ensures that both parties are aware of the financial implications involved in the transaction.

Frequently asked questions

What is the current guideline value of Nakeeran Street?

The current guideline value of Nakeeran Street, Muthamiaz Nagar is Rs 2,475 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Nakeeran Street was Rs 1,507 per sq.ft in 2017 and has increased to Rs 2,475 per sq.ft in 2024, representing a 64% increase. There are no recorded figures for the revisions in 2002, 2003, 2007, 2012, and 2023.

What is the land classification of Nakeeran Street?

Nakeeran Street is classified as Residential Class I Type - II. This classification indicates the type of development and usage permitted in the area.

What are the stamp duty and registration fees for properties in Nakeeran Street?

For a property valued at Rs 24,75,000, the stamp duty would be Rs 1,73,250 and the registration fee would be Rs 49,500, totaling Rs 2,22,750. The duty is charged on the higher of the guideline value or the sale price.

Where is the Pammal Sub Registrar Office located?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. This office handles the registration of properties in the area.