Guideline Value for Nandan Street

Nandan Street guideline value

The current guideline value of Nandan Street in Madipakkam-1 village, under the Velacheri SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - II land classification.

How the guideline value of Nandan Street has changed

According to the register, there are no figures for Nandan Street for the years 2002, 2003, 2007, 2012, and 2017. The guideline value was Rs 1,500 per sq.ft during the 2023 revision. The latest revision in 2024 shows an increase of 10%, bringing the value to Rs 1,650 per sq.ft.

This change from 2023 to 2024 reflects a notable adjustment in the guideline value. The 2024 figure is now set at Rs 1,650 per sq.ft, which is a rise from the previous year's rate of Rs 1,500 per sq.ft.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. Nandan Street's 2024 figure is below this median.

• Nandanar Street, Ramalinga Nagar Extension: Rs 2,750 per sq.ft (2024)
• Nandanar Street: Rs 2,200 per sq.ft (2024)
• Nandanar Road: Rs 2,750 per sq.ft (2024)
• Nanjil Street: Rs 2,200 per sq.ft (2024)
• Nakkeeran Street: Rs 3,850 per sq.ft (2024)
• Narayanaapuram 8th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Nandan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty, calculated at 7%, amounts to Rs 1,15,500, while the registration fee at 2% is Rs 33,000, bringing the total fees to Rs 1,48,500. It is important to 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 accurate calculations based on your specific property details.

Which Sub Registrar Office covers Nandan Street?

Nandan Street is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information on this office, you can find your SRO.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role in the registration process of properties in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Nandan Street?

The current guideline value of Nandan Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed from 2023 to 2024?

The guideline value increased from Rs 1,500 per sq.ft in 2023 to Rs 1,650 per sq.ft in 2024, reflecting a 10% increase.

What is the land classification of Nandan Street?

Nandan Street is classified under Residential Class II Type - II land classification.

What are the registration fees for property in Nandan Street?

The registration fees for a property are calculated based on the guideline value. For example, a property valued at Rs 16,50,000 would incur a stamp duty of Rs 1,15,500 and a registration fee of Rs 33,000.

Which Sub Registrar Office handles the registration for Nandan Street?

The Velacheri Sub Registrar Office handles the registration for Nandan Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.