Guideline Value for Nambuliyar Street

Nambuliyar Street guideline value

The current guideline value of Nambuliyar Street is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village, under the Sowcarpet SRO, and is classified as Residential Special Type - I.

How the guideline value of Nambuliyar Street has changed

The guideline value for Nambuliyar Street has seen several revisions over the years. In 2003, the value was Rs 1,268 per sq.ft, which increased to Rs 2,000 per sq.ft in 2007. Following this, the value surged to Rs 5,500 per sq.ft in 2012, before dropping to Rs 3,685 per sq.ft in 2017. The 2023 revision saw a significant increase to Rs 5,500 per sq.ft, and the most recent revision in 2024 has set the value at Rs 6,000 per sq.ft. The register has no figure for this street in 2002.

Between the revisions, notable changes include a 58% increase from 2003 to 2007, a 175% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 9% increase from 2023 to 2024. Overall, from 2003 to 2024, the guideline value has increased by 373%.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO with a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value is Rs 4,400 per sq.ft, placing Nambuliyar Street's 2024 figure above this median.

• Nammalvar Lane Leading To Street: Rs 3,800 per sq.ft (2024)
• Nammalvar Street: Rs 6,000 per sq.ft (2024)
• Nallanna Mudali Street: Rs 3,800 per sq.ft (2024)
• Nallamma Mudali Street: Rs 3,800 per sq.ft (2024)
• Nainiappa Naicken Street: Rs 8,800 per sq.ft (2024)
• Nainiappa Mudali Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Nambuliyar Street

For a 1,000 sq.ft plot at the current rate of Rs 6,000 per sq.ft, the guideline value totals Rs 60,00,000. The stamp duty at 7% amounts to Rs 4,20,000, and the registration fee at 2% is Rs 1,20,000, leading to a total of Rs 5,40,000. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Nambuliyar Street?

The Sub Registrar Office that covers Nambuliyar Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Muthiyalpet. It serves as a benchmark for determining the minimum price at which a property can be sold or bought, ensuring that the transaction is recorded accurately in the official register.

When a buyer or seller approaches the registration office, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for the completion of the property transaction. This ensures transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Nambuliyar Street?

The current guideline value of Nambuliyar Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,268 per sq.ft in 2003 to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of 373% over this period.

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

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total costs amount to Rs 5,40,000.

Which office handles registrations for Nambuliyar Street?

The Sowcarpet Sub Registrar Office handles registrations for Nambuliyar Street, located at No.11, Davidson Street, Sowcarpet, Chennai-01.

What is the land classification for Nambuliyar Street?

Nambuliyar Street is classified as Residential Special Type - I, indicating its designated use for residential purposes within the local planning framework.