Guideline Value for Nandanam Extention 2nd Street

Nandanam Extention 2nd Street guideline value

The current guideline value for Nandanam Extention 2nd 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, and is classified as Residential Special Type - IV.

How the guideline value of Nandanam Extention 2nd Street has changed

The guideline value for Nandanam Extention 2nd Street has undergone several revisions over the years. The register does not contain figures for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 13,000 per sq.ft, which was then increased by 10% to Rs 14,300 per sq.ft in the 2024 revision.

This significant change reflects the evolving property landscape in the area. The 2024 figure is notably higher than the previous year's rate, indicating a shift in the valuation of properties 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, making the 2024 figure for Nandanam Extention 2nd Street above the median.

• Nandanam Extention 1st Street: Rs 14,300 per sq.ft (2024)
• Nandanam Extention 3rd Street: Rs 14,300 per sq.ft (2024)
• Nandanam Extention 1st Cross Street: Rs 14,300 per sq.ft (2024)
• Nandanam Extention 4th Street: Rs 14,300 per sq.ft (2024)
• Nandanam Extention 15th Street: Rs 14,300 per sq.ft (2024)
• Nandanam Extention 5th Street: Rs 14,300 per sq.ft (2024)

Stamp duty and registration fee for property in Nandanam Extention 2nd 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, making the total fees Rs 12,87,000. It is important to note that 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 Extention 2nd Street?

The Nandanam Extention 2nd 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 plays a crucial role in property transactions in Mylapore Part 1. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. This ensures that the government receives the appropriate revenue based on the assessed value of the property.

When selling a property, the guideline value can influence the sale price, as it provides a benchmark for both buyers and sellers. It is essential for all parties involved to be aware of the current guideline value to facilitate a smooth transaction.

Frequently asked questions

What is the current guideline value of Nandanam Extention 2nd Street?

The current guideline value of Nandanam Extention 2nd Street is Rs 14,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

The guideline value increased from Rs 13,000 per sq.ft in 2023 to Rs 14,300 per sq.ft in 2024, marking a 10% increase.

What is the land classification for Nandanam Extention 2nd Street?

Nandanam Extention 2nd Street is classified as Residential Special Type - IV.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office covering Nandanam Extention 2nd Street is the Chennai Central Joint I SRO, 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 higher of the guideline value or the sale price. For example, for a property valued at Rs 14,300 per sq.ft, the total fees would include a 7% stamp duty and a 2% registration fee.