Guideline Value for Nallathambi Chetty Street Chennai-2

Nallathambi Chetty Street Chennai-2 guideline value

The current guideline value of Nallathambi Chetty Street Chennai-2 is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Triplicane village, under the Triplicane SRO, and is classified as Mixed Type - I land.

How the guideline value of Nallathambi Chetty Street Chennai-2 has changed

The guideline value for Nallathambi Chetty Street has undergone several revisions over the years. The earliest recorded revision available is from 2012, which set the value at Rs 8,000 per sq.ft. This was followed by a decrease to Rs 5,360 per sq.ft in 2017. In 2023, the value increased to Rs 8,000 per sq.ft, and the most recent revision in 2024 has raised it further to Rs 8,800 per sq.ft, marking a 10% increase from the previous year.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased significantly by 49%. Overall, from 2012 to 2024, the guideline value has seen a 10% increase. It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Triplicane

In Triplicane, there are 415 streets under the Triplicane SRO, with guideline values ranging from Rs 2,700 to Rs 20,900 per sq.ft. The median guideline value in this area is Rs 6,600 per sq.ft, placing Nallathambi Chetty Street's 2024 figure above this median.

• Nallathambi Mudali Street Chennai-5: Rs 7,700 per sq.ft (2024)
• Namachivaya Mudali Street: Rs 5,500 per sq.ft (2024)
• Nair Varadha Pillai Street: Rs 6,600 per sq.ft (2024)
• Nair Iyya Pillai Street: Rs 6,600 per sq.ft (2024)
• Nammalwar Street: Rs 5,500 per sq.ft (2024)
• Nagoji Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Nallathambi Chetty Street Chennai-2

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, making the total cost for these fees Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Nallathambi Chetty Street Chennai-2?

The Sub Registrar Office covering Nallathambi Chetty Street Chennai-2 is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. For more information, you can find your SRO.

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

The guideline value plays a crucial role in property transactions in Triplicane. It is used to determine the stamp duty and registration fees when a property is bought or sold. The fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives appropriate revenue from property transactions.

When registering a property, buyers must be aware of the guideline value as it directly impacts the overall cost of the transaction. Understanding these values helps in better financial planning and compliance with local regulations during property transfers.

Frequently asked questions

What is the current guideline value of Nallathambi Chetty Street Chennai-2?

The current guideline value of Nallathambi Chetty Street Chennai-2 is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly over the years, with the most recent revision in 2024 increasing it to Rs 8,800 per sq.ft from Rs 8,000 per sq.ft in 2023. The value was Rs 5,360 per sq.ft in 2017 and Rs 8,000 per sq.ft in 2012.

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

For a 1,000 sq.ft property at the current guideline value, the stamp duty would be Rs 6,16,000, and the registration fee would be Rs 1,76,000, totaling Rs 7,92,000. These fees are calculated based on the higher of the guideline value or the sale price.

Which office handles registrations for Nallathambi Chetty Street?

The Triplicane Sub Registrar Office handles registrations for Nallathambi Chetty Street Chennai-2. It is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

What is the significance of the guideline value in property transactions?

The guideline value is significant as it determines the stamp duty and registration fees for property transactions. Buyers and sellers must consider this value to understand the financial implications of their property dealings.