Guideline Value for Nandanar Street

Nandanar Street guideline value

The current guideline value of Nandanar Street in Madipakkam-1 village, under the Velacheri SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. The land classification for this street is Residential Class II Type - I.

How the guideline value of Nandanar Street has changed

The guideline value for Nandanar Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, which is an increase of 10% from the 2023 revision of Rs 2,000 per sq.ft. The register has no figures for the years 2017, 2012, 2007, 2003, and 2002 for this street.

Prior to the 2023 revision, the guideline value had not been recorded for the years mentioned. The 2024 figure reflects the latest assessment and is part of the ongoing updates to the guideline values in the area.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value is Rs 2,750 per sq.ft, placing Nandanar Street's 2024 figure below this median.

• Nandanar Road: Rs 2,750 per sq.ft (2024)
• Nandanar Street, Ramalinga Nagar Extension: Rs 2,750 per sq.ft (2024)
• Nandan Street: Rs 1,650 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 Nandanar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. Duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nandanar Street?

The Sub Registrar Office that covers Nandanar Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Madipakkam-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 from property sales based on the established guideline values.

When selling property, the guideline value is also significant as it helps in assessing the legal value of the property for registration purposes. Buyers and sellers should be aware of the current guideline value to ensure compliance with local regulations during the transaction process.

Frequently asked questions

What is the current guideline value of Nandanar Street?

The current guideline value of Nandanar Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Nandanar Street increased from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, marking a 10% increase. The register has no figures for the years 2017, 2012, 2007, 2003, and 2002.

What are the guideline values in Madipakkam-1?

In Madipakkam-1, the guideline values range from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. Nandanar Street's current value is below this median.

What are the stamp duty and registration fees for property in Nandanar Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Nandanar Street located?

The Velacheri Sub Registrar Office, which covers Nandanar Street, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.