Guideline Value for Nemilicheri Road

Nemilicheri Road guideline value

The current guideline value of Nemilicheri Road in Nemilicherry village is Rs 2,420 per sq.ft, effective from 1 July 2024. This area falls under the Pallavaram SRO and is classified as Residential Class I Type - I.

How the guideline value of Nemilicheri Road has changed

The guideline value for Nemilicheri Road has seen several revisions over the years. The earliest recorded figure is from 2007, set at Rs 300 per sq.ft. This value increased significantly to Rs 2,200 per sq.ft in 2012, marking a rise of 633%. However, in 2017, the value decreased to Rs 1,474 per sq.ft, reflecting a decline of 33%. The 2023 revision brought the value back up to Rs 2,200 per sq.ft, before reaching the current rate of Rs 2,420 per sq.ft in 2024, which is a 10% increase.

In summary, the guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 2,420 per sq.ft in 2024, representing an overall increase of 707%. Notably, 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 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, placing Nemilicheri Road's 2024 figure above this median. Below are the guideline values for other streets in Nemilicherry:

• Nemilicheri Mettu Street: Rs 2,420 per sq.ft (2024)
• Nemilicheri High Road: Rs 2,750 per sq.ft (2024)
• Nemilicheri Colony: Rs 2,160 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 Road

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, making the total cost for these fees Rs 2,17,800. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nemilicheri Road?

The Sub Registrar Office that covers Nemilicheri Road is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nemilicherry. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that transactions are conducted transparently and fairly.

When a buyer and seller agree on a sale price, the higher amount between the sale price and the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Nemilicheri Road?

The current guideline value of Nemilicheri Road 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 increased from Rs 300 per sq.ft in 2007 to Rs 2,420 per sq.ft in 2024, showing an overall increase of 707% over the years.

What are the stamp duty and registration fees for properties in Nemilicheri Road?

The stamp duty is 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 2,17,800.

Which office handles property registrations for Nemilicheri Road?

The Pallavaram Sub Registrar Office handles property registrations for Nemilicheri Road, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the land classification for Nemilicheri Road?

Nemilicheri Road is classified as Residential Class I Type - I, indicating its suitability for residential development.