Guideline Value for Nandanam Colony 1st Street

Nandanam Colony 1st Street guideline value

The current guideline value of Nandanam Colony 1st Street is Rs 14,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 1 village, under the Chennai Central Joint I SRO. The land classification for this area is Residential Special Type - IV.

How the guideline value of Nandanam Colony 1st Street has changed

The guideline value for Nandanam Colony 1st Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 14,300 per sq.ft, which reflects a 10% increase from the 2023 revision of Rs 13,000 per sq.ft. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017, indicating that no guideline values were established for this street during those years.

Prior to the current value, the last recorded figure was Rs 13,000 per sq.ft in 2023. This marks a notable increase compared to previous years, although specific figures for earlier revisions are not available. The consistent upward movement in the guideline value highlights the changes in property assessments in this locality.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are 333 streets under the Chennai Central Joint I SRO, with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, placing Nandanam Colony 1st Street's 2024 figure above this median.

• Nandanam Colony 1st Cross Street: Rs 14,300 per sq.ft (2024)
• Nandanam Colony 2nd Cross Street: Rs 14,300 per sq.ft (2024)
• Nandanam Colony 2nd Street: Rs 14,300 per sq.ft (2024)
• Nandanam Colony 3rd Cross Street: Rs 14,300 per sq.ft (2024)
• Nandanam Colony 3rd Street: Rs 14,300 per sq.ft (2024)
• Nandanam Colony 4th Cross Street: Rs 14,300 per sq.ft (2024)

Stamp duty and registration fee for property in Nandanam Colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 14,300 per sq.ft, the total guideline value amounts to Rs 1,43,00,000. The stamp duty at 7% would be Rs 10,01,000, and the registration fee at 2% would be Rs 2,86,000, bringing the total to Rs 12,87,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Nandanam Colony 1st Street?

The Nandanam Colony 1st Street falls under the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value is a critical factor in the registration process when buying or selling property in Mylapore Part 1. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that all transactions are assessed fairly according to the established values in the area.

Frequently asked questions

What is the current guideline value of Nandanam Colony 1st Street?

The current guideline value of Nandanam Colony 1st Street is Rs 14,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 13,000 per sq.ft in 2023 to Rs 14,300 per sq.ft in 2024, reflecting a 10% increase. There are no figures available for the revisions in 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Nandanam Colony 1st Street?

The land classification for Nandanam Colony 1st Street is Residential Special Type - IV, indicating its designated use for residential purposes.

What is the stamp duty rate for properties in this area?

The stamp duty rate for properties in Nandanam Colony 1st Street is 7% of the guideline value or sale price, whichever is higher. This is applicable during the registration of property transactions.

Which office handles the registration of properties in Nandanam Colony 1st Street?

The registration of properties in Nandanam Colony 1st Street is handled by the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.