Guideline Value for Nammalvar Street

Nammalvar Street guideline value

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

How the guideline value of Nammalvar Street has changed

The guideline value for Nammalvar 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. The value then rose significantly to Rs 5,500 per sq.ft in 2012, but fell to Rs 3,685 per sq.ft in 2017. The 2023 revision set the value at Rs 5,500 per sq.ft, and the latest revision in 2024 has increased it to Rs 6,000 per sq.ft.

Notably, there is no figure available for Nammalvar Street in the 2002 revision. The changes between these revisions 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, the guideline value has increased by 373% from 2003 to 2024.

Guideline values in Muthiyalpet

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

• Nammalvar Lane Leading To Street: Rs 3,800 per sq.ft (2024)
• Nambuliyar 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 Nammalvar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value would be Rs 60,00,000. The stamp duty at 7% would amount to Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, making the total fees Rs 5,40,000. 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 Nammalvar Street?

The Sub Registrar Office that covers Nammalvar 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 critical factor in the registration process when buying or selling property in Muthiyalpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with property transactions. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Nammalvar Street?

The current guideline value of Nammalvar 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 changed significantly from Rs 1,268 per sq.ft in 2003 to Rs 6,000 per sq.ft in 2024, marking an overall increase of 373% over this period.

What are the stamp duty and registration fees for properties on Nammalvar Street?

For a property valued at Rs 60,00,000, the stamp duty would be Rs 4,20,000 and the registration fee would be Rs 1,20,000, totaling Rs 5,40,000.

Which Sub Registrar Office covers Nammalvar Street?

The Sowcarpet Sub Registrar Office covers Nammalvar Street, located at No.11, Davidson Street, Sowcarpet, Chennai-01.

What is the land classification for Nammalvar Street?

Nammalvar Street is classified as Residential Special Type - I under the guideline value register.