Guideline Value for Nemili Park

Nemili Park guideline value

The current guideline value of Nemili Park, located in Nemili_B village under the Sriperumpudur SRO, is Rs 250 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Nemili Park has changed

The guideline value for Nemili Park has seen several revisions over the years. The 2017 revision set the value at Rs 167 per sq.ft, which increased significantly to Rs 300 per sq.ft in the 2023 revision, marking an 80% rise. However, in the most recent 2024 revision, the value decreased to Rs 250 per sq.ft, reflecting a 17% drop from the previous year. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

Overall, comparing the 2017 and 2024 revisions, the guideline value has increased by 50%. This fluctuation in values highlights the changes in the real estate landscape in the region.

Guideline values in Nemili_B

In Nemili_B, a total of 97 streets are covered under the Sriperumpudur SRO, with guideline values ranging from Rs 150 to Rs 1,500 per sq.ft. The median value for these streets is Rs 250 per sq.ft, which aligns with the current guideline value for Nemili Park. Below are the guideline values for other streets in Nemili_B:

• Nemili Sri Lakshmi Town: Rs 250 per sq.ft (2024)
• Nehru Street: Rs 250 per sq.ft (2024)
• Nehru Nagar: Rs 250 per sq.ft (2024)
• Nadu Street: Rs 200 per sq.ft (2024)
• Murugan Koil Street: Rs 200 per sq.ft (2024)
• Mookambigai Nagar: Rs 250 per sq.ft (2024)

Stamp duty and registration fee for property in Nemili Park

For a 1,000 sq.ft plot at the current guideline value of Rs 250 per sq.ft, the total guideline value amounts to Rs 2,50,000. The stamp duty, charged at 7%, would be Rs 17,500, while the registration fee at 2% would be Rs 5,000. Together, these fees total Rs 22,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nemili Park?

The Sub Registrar Office that covers Nemili Park is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. To locate your SRO, you can find your SRO.

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

When buying or selling property in Nemili_B, the guideline value plays a crucial role in determining the registration fees and stamp duties. The guideline value is used to calculate the stamp duty, which is paid at the time of registration, ensuring that all transactions are conducted transparently and in accordance with the law.

It is essential for buyers and sellers to be aware of the guideline value, as it can affect the overall cost of property transactions. Understanding this value helps in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Nemili Park?

The current guideline value of Nemili Park is Rs 250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 167 per sq.ft in 2017 to Rs 300 per sq.ft in 2023, and then decreased to Rs 250 per sq.ft in 2024. This reflects an overall increase of 50% from 2017 to 2024.

What is the land classification for Nemili Park?

Nemili Park is classified under Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for a property in Nemili Park?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 17,500, and the registration fee would be Rs 5,000, totaling Rs 22,500.

Which office handles registrations for Nemili Park?

The Sriperumpudur Sub Registrar Office handles registrations for Nemili Park, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.