Guideline Value for Namachivayapuram

Namachivayapuram guideline value

The current guideline value of Namachivayapuram, located in Nungambakkam village, is Rs 6,600 per sq.ft. This value is effective from 1 July 2024 and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Namachivayapuram has changed

The guideline value of Namachivayapuram has seen several revisions over the years. In 2007, the guideline value was Rs 1,500 per sq.ft, which increased significantly to Rs 6,000 per sq.ft in 2012, marking a 300% rise. However, it decreased to Rs 4,020 per sq.ft in 2017, reflecting a decline of 33%. The value then rose again to Rs 6,000 per sq.ft in 2023, before reaching the current value of Rs 6,600 per sq.ft in 2024, which is a 10% increase from the previous year.

From 2017 to 2023, the increase was substantial at 49%. Overall, from 2007 to 2024, the guideline value has increased by 340%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, indicating that the guideline value for Namachivayapuram is below this median.

• Namashivayapuram (facing Nelson Manickam Road): Rs 9,900 per sq.ft (2024)
• Nageswara Road: Rs 10,400 per sq.ft (2024)
• Nanjil Manoharan Nagar: Rs 7,700 per sq.ft (2024)
• Nachiappan Street: Rs 9,300 per sq.ft (2024)
• Narayanan Street: Rs 7,700 per sq.ft (2024)
• Muthusamy Street: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Namachivayapuram

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, making the total fees together Rs 5,94,000. 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 more details.

Which Sub Registrar Office covers Namachivayapuram?

The Sub Registrar Office that covers Namachivayapuram is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the property registration process in Nungambakkam. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must consider the guideline value to ensure compliance with local regulations and to avoid any legal issues during the registration process.

When a property is bought or sold, the guideline value is assessed to calculate the applicable fees. This ensures that the transaction is recorded accurately and reflects the prevailing rates in the area, providing a transparent framework for property dealings.

Frequently asked questions

What is the current guideline value of Namachivayapuram?

The current guideline value of Namachivayapuram is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 340% over the years.

What is the land classification for Namachivayapuram?

Namachivayapuram falls under the land classification of Residential Class III Type - I.

Where can I find the Sub Registrar Office for Namachivayapuram?

The Sub Registrar Office for Namachivayapuram is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How is the stamp duty calculated for properties in Namachivayapuram?

The stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 at 7%.