Guideline Value for Nellaiyappar 2nd Street

Nellaiyappar 2nd Street guideline value

The current guideline value of Nellaiyappar 2nd 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 2nd Street has changed

The guideline value for Nellaiyappar 2nd Street has seen several revisions over the years. The earliest recorded figure is from 2007, where it was Rs 500 per sq.ft. This increased significantly to Rs 2,200 per sq.ft in 2012, marking a 340% rise. However, it then decreased to Rs 1,474 per sq.ft in 2017, a drop of 33%. Following this, the value surged to Rs 2,200 per sq.ft in 2023, and then to the current rate of Rs 2,420 per sq.ft in 2024, reflecting a 10% increase.

From 2017 to 2023, the guideline value rose by 49%. Overall, from 2007 to 2024, the increase is a substantial 384%. It is important to note that there are no recorded figures for the years 2002 and 2003 for this street.

Guideline values in Nemilicherry

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

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

Stamp duty and registration fee for property in Nellaiyappar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,420 per sq.ft, the total guideline value would be Rs 24,20,000. The stamp duty at 7% would amount to Rs 1,69,400, and the registration fee at 2% would be Rs 48,400, bringing the total 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Nellaiyappar 2nd Street?

The Sub Registrar Office that covers Nellaiyappar 2nd Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Nemilicherry, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duties are calculated based on it.

When a property is sold, the registration office uses the guideline value to assess the applicable duties. This ensures that the government receives the correct revenue from property transactions, maintaining transparency in the real estate market.

Frequently asked questions

What is the current guideline value of Nellaiyappar 2nd Street?

The current guideline value of Nellaiyappar 2nd 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 500 per sq.ft in 2007 to Rs 2,420 per sq.ft in 2024, reflecting a total increase of 384% over the years.

What is the stamp duty for property in Nellaiyappar 2nd Street?

The stamp duty for property in Nellaiyappar 2nd Street is 7% of the guideline value or sale price, whichever is higher.

Which office handles property registration for Nellaiyappar 2nd Street?

The Pallavaram Sub Registrar Office handles property registration for Nellaiyappar 2nd Street, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the range of guideline values for other streets in Nemilicherry?

The guideline values for other streets in Nemilicherry range from Rs 1,100 to Rs 3,300 per sq.ft, with a median of Rs 2,160 per sq.ft.