Guideline Value for Navalar Street

Navalar Street guideline value

The current guideline value of Navalar Street in Ullagaram village, under the Alandur SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - II land classification.

How the guideline value of Navalar Street has changed

The guideline value for Navalar Street has seen several revisions over the years. In 2002, the value was Rs 257 per sq.ft, which increased to Rs 288 per sq.ft in 2003. Following this, there was a significant rise to Rs 1,000 per sq.ft in 2007, marking a 247% increase. The value then doubled to Rs 2,000 per sq.ft in 2012, resulting in a 100% increase. However, between 2012 and 2017, the value decreased by 33% to Rs 1,340 per sq.ft. The value then rose to Rs 2,000 per sq.ft in 2023, a 49% increase, before reaching the current value of Rs 2,200 per sq.ft in 2024, which is a 10% increase.

It is important to note that there are no figures available for the years not listed in the register for this street. The revisions reflect the changes in the guideline value over the years, culminating in an overall increase of 756% from 2002 to 2024.

Guideline values in Ullagaram

In Ullagaram, there are 298 streets under the Alandur SRO, with 2024 guideline values ranging from Rs 1,700 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,800 per sq.ft, indicating that Navalar Street's current guideline value is below this median.

• Narmadha Nagar: Rs 2,800 per sq.ft (2024)
• Nehru Street: Rs 2,200 per sq.ft (2024)
• Nanganallur Co-operative Building Society Colony 6th Main Road: Rs 5,000 per sq.ft (2024)
• Nanganallur Co-Operative Building Society Colony 3rd Main Road: Rs 5,000 per sq.ft (2024)
• Nanganallur Co-Operative Building Society Colony 2nd Main Road: Rs 5,000 per sq.ft (2024)
• Nanganallur Co-Operative Building Society Colony 21st Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Navalar 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, totaling Rs 1,98,000. It is important to note that the stamp duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Navalar Street?

The Sub Registrar Office that covers Navalar Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Ullagaram. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as it directly impacts the stamp duty and registration fees applicable during the transaction.

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

Frequently asked questions

What is the current guideline value of Navalar Street?

The current guideline value of Navalar 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 has changed from Rs 257 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 756% over this period.

What is the land classification for Navalar Street?

Navalar Street is classified as Residential Class II Type - II according to the land classification guidelines.

What are the stamp duty rates for property transactions?

The stamp duty rate is 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the guideline value.

Where can I find the Sub Registrar Office for Navalar Street?

The Sub Registrar Office for Navalar Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.