Guideline Value for Nathan Street

Nathan Street guideline value

The current guideline value of Nathan Street in Saligramam village, under the Virugambakkam SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. This property falls under the Residential Class II Type - II land classification.

How the guideline value of Nathan Street has changed

The guideline value of Nathan Street has seen significant changes over the years. In the 2002 revision, the value was Rs 403 per sq.ft. It increased to Rs 440 per sq.ft in 2003, marking a 9% rise. The value further increased by 25% to Rs 550 per sq.ft in 2007. However, there was a substantial jump in the 2012 revision, where the value rose by 536% to Rs 3,500 per sq.ft. This was followed by a decrease of 33% to Rs 2,345 per sq.ft in 2017. The 2023 revision saw a notable increase of 49%, bringing the value back up to Rs 3,500 per sq.ft. Finally, the 2024 revision set the current guideline value at Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for Nathan Street in the revisions prior to 2002 or in any years not mentioned in the register.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Nathan Street's 2024 guideline value is below this median.

• Natarajan Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar Main Road: Rs 4,400 per sq.ft (2024)
• Nehru Nagar Sastri Street: Rs 4,400 per sq.ft (2024)
• Nallan Street: Rs 3,300 per sq.ft (2024)
• Nagathamman Koil Street: Rs 3,300 per sq.ft (2024)
• Nagappan Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Nathan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000, bringing the total cost for these fees to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Nathan Street?

The Sub Registrar Office that covers Nathan Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Saligramam. It serves as a benchmark for determining the minimum value of a property for registration purposes. When a property is bought or sold, the guideline value is used to calculate the applicable stamp duty and registration fees.

During the registration process, the guideline value is compared with the sale price, and the higher of the two is taken into account for calculating the fees. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Nathan Street?

The current guideline value of Nathan Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 403 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 855% over the years.

What is the land classification of Nathan Street?

Nathan Street falls under the Residential Class II Type - II land classification.

Where is the Sub Registrar Office for Nathan Street located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Nathan Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 38,50,000 would incur a stamp duty of Rs 2,69,500 at 7%.