Guideline Value for Namann nagar

Namann nagar guideline value

The current guideline value of Namann nagar is Rs 500 per sq.ft, effective from 1 July 2024. This area is located in Neelamangalam village, under the jurisdiction of the Gooduvancheri SRO, and is classified as Residential Class I Type - I.

How the guideline value of Namann nagar has changed

The guideline value for Namann nagar has seen several revisions over the years. In 2012, the value was set at Rs 500 per sq.ft. This remained unchanged until the 2017 revision when it dropped to Rs 335 per sq.ft, representing a decrease of 33%. Following this, the value increased significantly to Rs 500 per sq.ft in 2023, marking a 49% increase from the previous revision. The 2024 revision maintains this figure at Rs 500 per sq.ft, showing no change from the 2023 revision.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, comparing the guideline values from 2012 to 2024, there has been no net change.

Guideline values in Neelamangalam

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

• Namann nagar Extension: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value amounts to Rs 5,00,000. The stamp duty at 7% would be 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 the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Namann nagar?

The Sub Registrar Office that covers Namann nagar 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 details.

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

The guideline value is a crucial factor in property transactions in Neelamangalam. It serves as a benchmark for determining the stamp duty and registration fees payable when buying or selling property. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during the registration process.

When a property is bought or sold, the guideline value is used to calculate the applicable charges. The registration process requires that the duty is charged based on the higher of the guideline value or the actual sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Namann nagar?

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

How has the guideline value changed over the years?

The guideline value has seen several changes, with the most recent revision in 2024 maintaining the value at Rs 500 per sq.ft. The value was previously Rs 335 per sq.ft in 2017 and Rs 500 per sq.ft in 2012.

What are the guideline values of other streets in Neelamangalam?

Other streets in Neelamangalam have varying guideline values, with rates ranging from Rs 400 to Rs 2,000 per sq.ft. The median value for these streets is Rs 600 per sq.ft, while Namann nagar's value is below this median.

What fees are associated with property transactions in Namann nagar?

When transacting property in Namann nagar, buyers should expect to pay stamp duty at 7% of the guideline value and a registration fee at 2%. These fees are calculated based on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Namann nagar?

The Sub Registrar Office for Namann nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery - 603202, Chengalpattu registration zone.