Guideline Value for Nazarathpuram

Nazarathpuram guideline value

The current guideline value of Nazarathpuram, located in Parangimalai village, is Rs 3,300 per sq.ft, effective from the 2024 revision. This area falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - II.

How the guideline value of Nazarathpuram has changed

Over the years, the guideline value of Nazarathpuram has seen significant changes. The earliest recorded figure in the register is from 2002, with a guideline value of Rs 246 per sq.ft. This value increased to Rs 320 per sq.ft in 2003, marking a 30% rise. The subsequent revisions saw further increases, with the value reaching Rs 800 per sq.ft in 2007, which was a substantial 150% increase from the previous year. In 2012, the guideline value remained at Rs 3,000 per sq.ft, showing no recorded figure for this street in the register for that year.

From 2012 to 2017, the value decreased by 33% to Rs 2,010 per sq.ft. However, between 2017 and 2023, there was a notable increase of 49%, bringing the guideline value to Rs 3,000 per sq.ft. The most recent revision in 2024 has set the guideline value at Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 3,850 per sq.ft, indicating that Nazarathpuram's current figure is below this median.

• Nazarathpuram Road: Rs 3,300 per sq.ft (2024)
• Nathat Subedhar Street: Rs 4,400 per sq.ft (2024)
• Nehru Nagar: Rs 3,850 per sq.ft (2024)
• Nasarathpuram: Rs 3,300 per sq.ft (2024)
• Nethaji Nagar: Rs 3,850 per sq.ft (2024)
• Nethaji Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Nazarathpuram

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Nazarathpuram?

The Sub Registrar Office that covers Nazarathpuram is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process of property transactions in Parangimalai. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps both parties understand the baseline value of the property. It is important for buyers to be aware of the guideline value to ensure they are paying a fair price during the transaction.

Frequently asked questions

What is the current guideline value of Nazarathpuram?

The current guideline value of Nazarathpuram is Rs 3,300 per sq.ft, effective from the 2024 revision.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 246 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 1241% over the years.

What is the land classification of Nazarathpuram?

Nazarathpuram is classified as Residential Class II Type - II under the Chennai South Joint II SRO.

What are the stamp duty and registration fees for properties in Nazarathpuram?

The stamp duty is 7% and the registration fee is 2% of the guideline value. For example, a property valued at Rs 33,00,000 would incur a total fee of Rs 2,97,000.

Where can I find the Sub Registrar Office for Nazarathpuram?

The Sub Registrar Office for Nazarathpuram is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.