Guideline Value for Naresh Nagar

Naresh Nagar guideline value

The current guideline value of Naresh Nagar is Rs 1,500 per sq.ft, effective from 1 July 2024. This area is located in Pattravakkam village and falls under the Konnur SRO. The land classification for this street is Residential Class II Type - I.

How the guideline value of Naresh Nagar has changed

The guideline value for Naresh Nagar has undergone several revisions over the years. In 2007, the guideline value was Rs 400 per sq.ft, which increased to Rs 1,400 per sq.ft in 2012. However, it then decreased to Rs 938 per sq.ft in 2017. Following that, the value rose significantly to Rs 1,400 per sq.ft in 2023 and has now been revised to Rs 1,500 per sq.ft in 2024. The register has no figure for this street in 2002 and 2003.

From 2017 to 2023, there was a notable increase of 49%. The value surged by 250% from 2007 to 2012, but it saw a decline of 33% from 2012 to 2017. Overall, from 2007 to 2024, the guideline value has increased by 275%.

Guideline values in Pattravakkam

Pattravakkam village has a total of 34 streets under the Konnur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 4,900 per sq.ft. The median value for these streets is Rs 1,500 per sq.ft, making Naresh Nagar's current guideline value equal to this median.

• Milkfarm Road: Rs 3,300 per sq.ft (2024)
• Menambedu Road: Rs 3,300 per sq.ft (2024)
• Mariamman Koil Street: Rs 1,100 per sq.ft (2024)
• Periyar Salai: Rs 2,200 per sq.ft (2024)
• Preethivpakkam Extension and Streets: Rs 1,500 per sq.ft (2024)
• Lakshmi Colony: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Naresh Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,500 per sq.ft, the total guideline value amounts to Rs 15,00,000. The stamp duty at 7% would be Rs 1,05,000, and the registration fee at 2% would be Rs 30,000. Together, the total cost for these fees would be Rs 1,35,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Naresh Nagar?

The Sub Registrar Office that covers Naresh Nagar is the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Pattravakkam. It serves as a benchmark for calculating the stamp duty and registration fees that need to be paid when a property is bought or sold.

When you are registering a property, the guideline value will be compared with the sale price, and the higher of the two will be used to determine the applicable fees. This ensures that the fees reflect the current market conditions and property values.

Frequently asked questions

What is the current guideline value of Naresh Nagar?

The current guideline value of Naresh Nagar is Rs 1,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2007 to Rs 1,500 per sq.ft in 2024, with various revisions in between, including a notable increase of 275% overall from 2007 to 2024.

What are the other streets in Pattravakkam with their guideline values?

Other streets in Pattravakkam include Milkfarm Road and Menambedu Road at Rs 3,300 per sq.ft, Mariamman Koil Street and Lakshmi Colony at Rs 1,100 per sq.ft, and Periyar Salai at Rs 2,200 per sq.ft.

What is the stamp duty rate for properties in Naresh Nagar?

The stamp duty rate for properties in Naresh Nagar is 7%, which is calculated based on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Naresh Nagar?

The Sub Registrar Office for Naresh Nagar is located at the Konnur Sub Registrar Office, Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.