Guideline Value for Namann nagar Extension

Namann nagar Extension guideline value

The current guideline value of Namann nagar Extension is Rs 500 per sq.ft. This area is located in Neelamangalam village, under the Gooduvancheri SRO, and is classified as Residential Class I Type - I.

How the guideline value of Namann nagar Extension has changed

The guideline value for Namann nagar Extension has seen several revisions over the years. In 2012, the value was Rs 500 per sq.ft, which remained unchanged until the next revision in 2017, where it dropped to Rs 335 per sq.ft. This was a decrease of 33%. However, from 2017 to 2023, the value increased significantly by 49%, bringing it back to Rs 500 per sq.ft. The most recent revision in 2024 maintained this value at Rs 500 per sq.ft, showing no change from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has remained unchanged at Rs 500 per sq.ft.

Guideline values in Neelamangalam

In Neelamangalam, there are 41 streets under the Gooduvancheri SRO with a 2024 guideline value ranging from Rs 400 to Rs 2,000 per sq.ft. The median value for these streets is Rs 600 per sq.ft, indicating that the guideline value of Namann nagar Extension is below this median.

• Namann nagar: Rs 500 per sq.ft (2024)
• Nayantarra Avenue: Rs 2,000 per sq.ft (2024)
• Mupathamman Nagar: Rs 600 per sq.ft (2024)
• Metro Square: Rs 600 per sq.ft (2024)
• Palvadi Theru: Rs 600 per sq.ft (2024)
• Malar Avenue: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Namann nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value would be Rs 5,00,000. The stamp duty at 7% would amount to Rs 35,000, and the registration fee at 2% would be Rs 10,000, bringing the total fees to Rs 45,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Namann nagar Extension?

The Sub Registrar Office covering Namann nagar Extension is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is an important factor when buying or selling property in Neelamangalam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is registered, the guideline value is used to calculate the applicable fees. If the selling price of the property is higher than the guideline value, the fees will be calculated based on the sale price instead. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Namann nagar Extension?

The current guideline value of Namann nagar Extension is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 500 per sq.ft since 2012, with a decrease to Rs 335 per sq.ft in 2017, followed by an increase back to Rs 500 per sq.ft in 2023 and 2024.

What is the classification of land in Namann nagar Extension?

Namann nagar Extension is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the other streets in Neelamangalam with their guideline values?

Other streets in Neelamangalam include Namann nagar at Rs 500 per sq.ft, Nayantarra Avenue at Rs 2,000 per sq.ft, Mupathamman Nagar at Rs 600 per sq.ft, Metro Square at Rs 600 per sq.ft, Palvadi Theru at Rs 600 per sq.ft, and Malar Avenue at Rs 500 per sq.ft.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at Rs 500 per sq.ft, the total guideline value would be Rs 5,00,000, and the stamp duty would be calculated accordingly.