Guideline Value for Nemilicheri Colony

Nemilicheri Colony guideline value

The current guideline value of Nemilicheri Colony, located in Nemilicherry village under the Pallavaram SRO, is Rs 2,160 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 Nemilicheri Colony has changed

The guideline value for Nemilicheri Colony has seen several revisions over the years. The earliest recorded figure is from 2007, where the guideline value was Rs 250 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in 2012, marking a substantial rise of 700%. However, in 2017, the value decreased to Rs 1,340 per sq.ft, a drop of 33%. The value then increased to Rs 2,000 per sq.ft in 2023, followed by another rise to the current value of Rs 2,160 per sq.ft in 2024, which is an increase of 8%.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has increased by 764%. The register has no 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 is Rs 2,160 per sq.ft, which is equal to the current figure for Nemilicheri Colony.

• Nemilicheri High Road: Rs 2,750 per sq.ft (2024)
• Nemilicheri Mettu Street: Rs 2,420 per sq.ft (2024)
• Nemilicheri Road: Rs 2,420 per sq.ft (2024)
• Nellipettai Cross Street: Rs 2,160 per sq.ft (2024)
• Nellipettai 2nd Cross Street: Rs 2,160 per sq.ft (2024)
• Nellaiyappar 3rd Street: Rs 2,420 per sq.ft (2024)

Stamp duty and registration fee for property in Nemilicheri Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value would be Rs 21,60,000. The stamp duty at 7% would be Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, resulting in a total of Rs 1,94,400. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nemilicheri Colony?

The Sub Registrar Office that covers Nemilicheri Colony 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 is a critical factor when buying or selling property in Nemilicherry. It is used to determine the stamp duty and registration fees that must be paid during the registration process. Buyers and sellers should be aware that the guideline value may influence the overall transaction costs.

When a property is registered, the guideline value serves as a benchmark for calculating the applicable fees. It is essential for both parties to understand this value to ensure compliance with the legal requirements during property transactions.

Frequently asked questions

What is the current guideline value of Nemilicheri Colony?

The current guideline value of Nemilicheri Colony is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 2,160 per sq.ft in 2024, reflecting an overall increase of 764% over the years.

What is the land classification of Nemilicheri Colony?

Nemilicheri Colony falls under the Residential Class II Type - I land classification.

Where can I find the Sub Registrar Office for Nemilicheri Colony?

The Sub Registrar Office for Nemilicheri Colony is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Nemilicheri Colony?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 21,60,000, the stamp duty would be Rs 1,51,200 at 7%.