Guideline Value for Nellaiyappar 1st Street

Nellaiyappar 1st Street guideline value

The current guideline value of Nellaiyappar 1st Street is Rs 2,420 per sq.ft, effective from 1 July 2024. This street is located in Nemilicherry village under the Pallavaram SRO, classified as Residential Class I Type - I.

How the guideline value of Nellaiyappar 1st Street has changed

The guideline value for Nellaiyappar 1st Street has seen several revisions over the years. The oldest recorded revision is from 2007, where the value was Rs 1,254 per sq.ft. This figure increased to Rs 2,200 per sq.ft in 2012, marking a significant rise of 75%. However, in the following revision in 2017, the value decreased to Rs 1,474 per sq.ft, a drop of 33%. The value then increased substantially to Rs 2,200 per sq.ft in 2023, followed by a further increase to Rs 2,420 per sq.ft in 2024, which is a 10% rise from the previous year.

From 2017 to 2023, the guideline value jumped by 49%. Overall, from the 2007 revision to the current 2024 figure, there has been a significant increase of 93%. It is important to note that the register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median value for these streets is Rs 2,160 per sq.ft, placing the 2024 guideline value of Nellaiyappar 1st Street above this median.

• Nellaiyappar 1st Cross Street: Rs 2,420 per sq.ft (2024)
• Nellaiyappar 2nd Cross Street: Rs 2,420 per sq.ft (2024)
• Nellaipettai High Road: Rs 2,420 per sq.ft (2024)
• Nellaiyappar 2nd Street: Rs 2,420 per sq.ft (2024)
• Nellaiappar Street: Rs 2,420 per sq.ft (2024)
• Nellaiyappar 3rd Street: Rs 2,420 per sq.ft (2024)

Stamp duty and registration fee for property in Nellaiyappar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,420 per sq.ft, the total guideline value amounts to Rs 24,20,000. The stamp duty at 7% would be Rs 1,69,400, and the registration fee at 2% would be Rs 48,400, bringing the total cost for these fees to Rs 2,17,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Nellaiyappar 1st Street?

The Sub Registrar Office covering Nellaiyappar 1st Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Nemilicherry. It serves as a basis for calculating the stamp duty and registration fees that are required to be paid at the time of property registration.

When buying or selling property, the guideline value ensures that the transaction is recorded at a value that is recognized by the government, helping to maintain transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Nellaiyappar 1st Street?

The current guideline value of Nellaiyappar 1st Street is Rs 2,420 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,254 per sq.ft in 2007 to Rs 2,420 per sq.ft in 2024, reflecting an overall increase of 93% over the years.

What is the registration office for Nellaiyappar 1st Street?

The registration office for Nellaiyappar 1st Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 24,20,000, the stamp duty at 7% would be Rs 1,69,400.

What are the other streets in Nemilicherry with the same guideline value?

Several other streets in Nemilicherry have the same guideline value of Rs 2,420 per sq.ft for 2024, including Nellaiyappar 1st Cross Street, Nellaiyappar 2nd Cross Street, and Nellaipettai High Road, among others.