Guideline Value for Navalar Nagar

Navalar Nagar guideline value

The current guideline value of Navalar Nagar, located in Nesapakkam village under the Virugambakkam SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - II.

How the guideline value of Navalar Nagar has changed

The guideline value for Navalar Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was later reduced to Rs 1,675 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,500 per sq.ft, and the most recent 2024 revision raised it further to Rs 2,750 per sq.ft.

In terms of percentage changes, the value increased by 10% from 2023 to 2024. From 2017 to 2023, there was a significant increase of 49%. However, there was a decrease of 33% from the 2012 revision to 2017. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Nesapakkam

In Nesapakkam, there are 148 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 7,150 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for Navalar Nagar is below this median.

• Navalar Nagar - Annai Indhira Street: Rs 2,750 per sq.ft (2024)
• Navalar Nagar - Gandhi Street: Rs 2,750 per sq.ft (2024)
• Navalar Nagar - Kamarajar Street & Lane: Rs 2,750 per sq.ft (2024)
• N.S.C. Bose Street: Rs 3,300 per sq.ft (2024)
• Otrai Vadai Street: Rs 4,400 per sq.ft (2024)
• Pallavan Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Navalar Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, these fees would total Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Navalar Nagar?

The Sub Registrar Office that covers Navalar Nagar 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 details.

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

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

When a property is sold, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Navalar Nagar?

The current guideline value of Navalar Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification of Navalar Nagar?

Navalar Nagar is classified as Residential Class II Type - II.

What are the stamp duty rates for property in Navalar Nagar?

The stamp duty for property in Navalar Nagar is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Navalar Nagar located?

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