Guideline Value for Nangu Neri Nagar

Nangu Neri Nagar guideline value

The current guideline value of Nangu Neri Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Nangu Neri Nagar has changed

The guideline value for Nangu Neri Nagar has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 1,300 per sq.ft, which is an increase from Rs 1,200 per sq.ft in the 2023 revision. This marks an 8% increase from the previous year. Looking further back, the 2017 revision recorded a guideline value of Rs 804 per sq.ft, indicating a significant increase of 49% to the 2023 figure. Overall, from the 2017 to 2024 revisions, the guideline value has increased by 62%.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for Nangu Neri Nagar in the register. The revisions that do exist show a clear upward trend in the guideline value over the years.

Guideline values in Madhavaram

In Madhavaram, there are a total of 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, placing Nangu Neri Nagar's 2024 figure below that median.

• Narasima Perumal Street (Ward-28): Rs 1,300 per sq.ft (2024)
• Nandha Nagar: Rs 1,300 per sq.ft (2024)
• Nandan Nagar (Ward No.26): Rs 1,300 per sq.ft (2024)
• Nanda Nagar, Lakshmipuram (Ward-26): Rs 1,300 per sq.ft (2024)
• Narayanasamy Naicken Street: Rs 1,600 per sq.ft (2024)
• Narayanasamy thottam (Ward No.22): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Nangu Neri Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value is Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total fees together to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Nangu Neri Nagar?

The Sub Registrar Office that covers Nangu Neri Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madhavaram

The guideline value is a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the stamp duty is calculated based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Nangu Neri Nagar?

The current guideline value of Nangu Neri Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 804 per sq.ft in 2017 to Rs 1,300 per sq.ft in 2024, showing a total increase of 62% over this period.

What is the land classification of Nangu Neri Nagar?

Nangu Neri Nagar is classified as Residential Class III Type - I, which indicates its suitability for residential development.

What are the stamp duty rates for properties in Nangu Neri Nagar?

The stamp duty for properties in Nangu Neri Nagar is charged at a rate of 7% on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Nangu Neri Nagar?

The Sub Registrar Office for Nangu Neri Nagar is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.