Guideline Value for Nellichalladai Street

Nellichalladai Street guideline value

The current guideline value of Nellichalladai Street is Rs 4,800 per sq.ft, effective from 1 July 2024. This street is located in Vepery village under the Periamet SRO and is classified as Residential Class II Type - II.

How the guideline value of Nellichalladai Street has changed

The guideline value for Nellichalladai Street has seen several revisions over the years. Starting from Rs 1,000 per sq.ft in 2007, it increased significantly to Rs 4,500 per sq.ft in 2012, marking a 350% rise. However, it then fell to Rs 3,015 per sq.ft in 2017, a decrease of 33%. The value rose again to Rs 4,500 per sq.ft in 2023, and currently stands at Rs 4,800 per sq.ft from the 2024 revision, reflecting a 7% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 380%.

Guideline values in Vepery

In Vepery village, there are 290 streets under the Periamet SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median value is Rs 4,800 per sq.ft, which is equal to the guideline value of Nellichalladai Street.

• Nellukallari street: Rs 4,400 per sq.ft (2024)
• NehruTimber Market: Rs 13,200 per sq.ft (2024)
• Nehru Nagar: Rs 4,400 per sq.ft (2024)
• Naval Hospital Road: Rs 6,000 per sq.ft (2024)
• Naval Hospital 9th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 8th lane: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Nellichalladai Street

For a 1,000 sq.ft plot at the current rate of Rs 4,800 per sq.ft, the guideline value amounts to Rs 48,00,000. The stamp duty at 7% would be Rs 3,36,000, and the registration fee at 2% would be Rs 96,000, totaling Rs 4,32,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Nellichalladai Street?

Nellichalladai Street falls under the Periamet Sub Registrar Office located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Vepery. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property, ensuring that these costs reflect the official value assigned to the property.

When buying or selling property, the guideline value helps both parties understand the financial implications of the transaction. It is essential to consider this value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Nellichalladai Street?

The current guideline value of Nellichalladai Street is Rs 4,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 4,800 per sq.ft in 2024, showing an overall increase of 380% over the years.

What are the stamp duty and registration fees for property in Nellichalladai Street?

For a property valued at Rs 48,00,000, the stamp duty would be Rs 3,36,000, and the registration fee would be Rs 96,000, totaling Rs 4,32,000.

Which office handles the registration for Nellichalladai Street?

The registration for Nellichalladai Street is handled by the Periamet Sub Registrar Office located at 1103, Poonamallee High Road, Chennai-600 003.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that the costs reflect the official value assigned to the property, making it a vital aspect of the registration process.