Guideline Value for Nallan Street

Nallan Street guideline value

The current guideline value of Nallan Street in Saligramam village, under the Virugambakkam SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Nallan Street has changed

The guideline value for Nallan Street has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 529 per sq.ft. This increased to Rs 578 per sq.ft in 2003, marking a 9% rise. The value saw a significant jump to Rs 1,800 per sq.ft in 2007, which is a 211% increase. In 2012, the value was recorded at Rs 3,000 per sq.ft, reflecting a 67% increase from the previous revision. However, in 2017, it dropped to Rs 2,010 per sq.ft, a decrease of 33% from 2012. The value then rose to Rs 3,000 per sq.ft in 2023, followed by a 10% increase to the current rate of Rs 3,300 per sq.ft in 2024.

Overall, from 2002 to 2024, the guideline value has increased by 524%. The register has no figures for the years not listed in the revisions.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO, with 2024 guideline values ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, placing Nallan Street's 2024 figure below this median.

• Nagathamman Koil Street: Rs 3,300 per sq.ft (2024)
• Nagappan Street: Rs 3,300 per sq.ft (2024)
• Nadigar Thilagam Shivaji Ganesan Nagar: 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 Nallan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be 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, bringing the total fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nallan Street?

The Sub Registrar Office that covers Nallan 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 is a crucial factor when registering property transactions in Saligramam. It determines the minimum value at which a property can be registered and is used to calculate the applicable stamp duty and registration fees.

When buying or selling property, the guideline value serves as a benchmark for the transaction. Buyers should ensure that the sale price is equal to or higher than the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Nallan Street?

The current guideline value of Nallan 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 changed from Rs 529 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 524% over the years.

What is the land classification for Nallan Street?

Nallan Street is classified as Residential Class III Type - I according to the land classification system.

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

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles property registrations for Nallan Street?

The Virugambakkam Sub Registrar Office is responsible for handling property registrations for Nallan Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.