Guideline Value for Nermai Nagar / Street

Nermai Nagar / Street guideline value

The current guideline value of Nermai Nagar / Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village, under the Sembiam SRO, with a land classification of Residential Special Type - I.

How the guideline value of Nermai Nagar / Street has changed

Since the 2002 revision, the guideline value for Nermai Nagar / Street has seen significant increases. In 2002, the value was Rs 290 per sq.ft, which rose to Rs 315 per sq.ft in 2003, marking a 9% increase. By 2007, the value jumped to Rs 1,553 per sq.ft, reflecting a remarkable 393% increase. The value remained at Rs 4,000 per sq.ft from 2012 until the 2023 revision.

The 2023 revision set the guideline value at Rs 4,000 per sq.ft, which then increased to Rs 4,400 per sq.ft in 2024, representing a 10% rise. Notably, there is no figure available for the street in the 2017 revision.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for Nermai Nagar / Street is above this median, indicating its relatively higher valuation compared to other streets in the area.

• Nethaji Nagar: Rs 2,700 per sq.ft (2024)
• N.V.M. Nagar: Rs 2,700 per sq.ft (2024)
• Nakkeeran Street: Rs 2,700 per sq.ft (2024)
• Muthu Mariamman Koil Street: Rs 2,700 per sq.ft (2024)
• Padma Nagar: Rs 4,400 per sq.ft (2024)
• Padmavathi Nagar: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Nermai Nagar / Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty, calculated at 7%, would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, leading to a total of Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nermai Nagar / Street?

The Sub Registrar Office that covers Nermai Nagar / Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Kolathur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is referenced to calculate the applicable fees. Buyers should be aware that the stamp duty is charged based on the higher amount between the guideline value and the actual sale price, which ensures compliance with regulatory requirements.

Frequently asked questions

What is the current guideline value of Nermai Nagar / Street?

The current guideline value of Nermai Nagar / Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 290 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 1417% over this period.

Is there a guideline value for Nermai Nagar / Street in 2017?

No, the register has no figure for Nermai Nagar / Street in the 2017 revision.

What is the registration office for Nermai Nagar / Street?

The registration office for Nermai Nagar / Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is stamp duty calculated for property in Nermai Nagar / Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000.