Guideline Value for Nandanam Colony 1st Street

Nandanam Colony 1st Street guideline value

The current guideline value for Nandanam Colony 1st Street is Rs 14,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 2 village and falls 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 seen several revisions over the years. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 13,000 per sq.ft, and the latest revision in 2024 increased this value to Rs 14,300 per sq.ft, marking a change of +10% from the previous year.

In summary, the guideline value for Nandanam Colony 1st Street was Rs 13,000 per sq.ft in 2023 and has increased to Rs 14,300 per sq.ft in 2024. This increase reflects the adjustments made in the guideline values for the area.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 streets under the Chennai Central Joint I SRO that carry a 2024 guideline value ranging from Rs 4,400 to Rs 25,300 per sq.ft, with a median value of Rs 8,800 per sq.ft. Nandanam Colony 1st Street's 2024 figure is 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 rate of Rs 14,300 per sq.ft, the 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, resulting in a total of Rs 12,87,000. Note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Nandanam Colony 1st Street?

The Nandanam Colony 1st Street is covered by 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 2

The guideline value plays a crucial role in the registration process when buying or selling property in Mylapore Part 2. It is used to determine the stamp duty and registration fees applicable to the transaction. Buyers should be aware that the guideline value is a reference point for the minimum value at which the property can be registered.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property dealings. It is essential for both buyers and sellers to understand how this value impacts their financial obligations during the registration process.

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 much has the guideline value changed recently?

From the 2023 revision to the 2024 revision, the guideline value increased from Rs 13,000 per sq.ft to Rs 14,300 per sq.ft, representing a change of +10%.

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

The land classification for Nandanam Colony 1st Street is Residential Special Type - IV.

Which office handles the registration for Nandanam Colony 1st Street?

The registration for 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.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a plot of 1,000 sq.ft at the current guideline value, the total stamp duty and registration fees can be significant.