Guideline Value for Nandanam Colony 3rd Street

Nandanam Colony 3rd Street guideline value

The current guideline value of Nandanam Colony 3rd Street is Rs 14,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 1 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 3rd Street has changed

There have been several revisions to the guideline value for Nandanam Colony 3rd Street. The most recent revision in 2024 set the value at Rs 14,300 per sq.ft, which represents a 10% increase from the 2023 revision of Rs 13,000 per sq.ft. The register has no figures for the revisions in 2017, 2012, 2007, 2003, and 2002.

Prior to the 2023 revision, there were no recorded figures for Nandanam Colony 3rd Street in the previous years. The 2023 value marked the first entry for this street in recent times, establishing a clear guideline for property transactions moving forward.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are 333 streets under the Chennai Central Joint I SRO with a 2024 guideline value range from Rs 4,400 to Rs 25,300 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing Nandanam Colony 3rd Street's 2024 figure above this median.

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

Stamp duty and registration fee for property in Nandanam Colony 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 14,300 per sq.ft, the total guideline value would be Rs 1,43,00,000. The stamp duty at 7% would amount to Rs 10,01,000, and the registration fee at 2% would be Rs 2,86,000, leading to a total of Rs 12,87,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nandanam Colony 3rd Street?

The Nandanam Colony 3rd 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 information.

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

The guideline value is a critical factor in property transactions, as it establishes a baseline for the value of properties within a specific area. When buying or selling property in Mylapore Part 1, this value is used to determine the applicable stamp duty and registration fees, ensuring compliance with local regulations.

During the registration process, the guideline value helps both buyers and sellers understand the financial implications of their transaction. It is essential for both parties to be aware of this value to avoid any discrepancies during the registration of property documents.

Frequently asked questions

What is the current guideline value of Nandanam Colony 3rd Street?

The current guideline value of Nandanam Colony 3rd 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 by 10%, from Rs 13,000 per sq.ft to Rs 14,300 per sq.ft.

What is the land classification for Nandanam Colony 3rd Street?

The land classification for Nandanam Colony 3rd Street is Residential Special Type - IV, indicating its designated use for residential purposes.

Where can I find the registration office for Nandanam Colony 3rd Street?

The registration office for Nandanam Colony 3rd Street is 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 Nandanam Colony 3rd Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applied to the guideline value.