Guideline Value for Neminathan Nagar

Neminathan Nagar guideline value

The current guideline value of Neminathan Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Rajakilpakkam village under the Selaiyur SRO, classified as Residential Class II Type - I.

How the guideline value of Neminathan Nagar has changed

The guideline value for Neminathan Nagar has undergone several revisions over the years. The earliest recorded revision was in 2012, where the guideline value was Rs 1,500 per sq.ft. This figure remained unchanged in the subsequent revision in 2017, where it was noted at Rs 1,005 per sq.ft, reflecting a decrease of 33%. The 2023 revision set the value at Rs 1,500 per sq.ft, and the latest 2024 revision increased it to Rs 1,600 per sq.ft, marking a 7% increase from the previous year.

Between the 2017 revision and the 2023 revision, there was a significant increase of 49%. Overall, from 2012 to 2024, the guideline value has seen a modest increase of 7%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Rajakilpakkam

In Rajakilpakkam, there are 384 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 5,000 per sq.ft as of 2024. The median guideline value is Rs 2,150 per sq.ft, positioning Neminathan Nagar's current figure below this median.

• Nehru Street: Rs 850 per sq.ft (2024)
• Navin Sanctum: Rs 4,000 per sq.ft (2024)
• Nisha Avenue II: Rs 2,150 per sq.ft (2024)
• Nizha Avenue: Rs 2,150 per sq.ft (2024)
• Nizha Avenue 1st street: Rs 2,150 per sq.ft (2024)
• Nizha Avenue 2nd Street: Rs 2,150 per sq.ft (2024)

Stamp duty and registration fee for property in Neminathan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total costs together to Rs 1,44,000. It is essential to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Neminathan Nagar?

The Sub Registrar Office that covers Neminathan Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, Chengalpattu registration zone. You can find your SRO for more information.

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

When buying or selling property in Rajakilpakkam, the guideline value plays a crucial role in determining the registration fees and stamp duty applicable to the transaction. The guideline value serves as a benchmark for the minimum value at which a property can be registered, ensuring that the government receives the appropriate taxes based on the property's worth.

It is important for buyers and sellers to be aware of the current guideline value, as it can significantly influence the overall cost of property transactions. Ensuring that the sale price is in line with the guideline value can help avoid complications during the registration process.

Frequently asked questions

What is the current guideline value of Neminathan Nagar?

The current guideline value of Neminathan Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2023 to Rs 1,600 per sq.ft in 2024, reflecting a 7% increase. It was Rs 1,005 per sq.ft in 2017 and Rs 1,500 per sq.ft in 2012, showing a significant increase of 49% from 2017 to 2023.

What are the other streets in Rajakilpakkam?

Other streets in Rajakilpakkam include Nehru Street, Navin Sanctum, Nisha Avenue II, Nizha Avenue, Nizha Avenue 1st street, and Nizha Avenue 2nd Street, with varying guideline values.

What fees are associated with buying property in Neminathan Nagar?

When buying property in Neminathan Nagar, buyers should be prepared to pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Neminathan Nagar located?

The Sub Registrar Office for Neminathan Nagar is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, Chengalpattu registration zone.