Guideline Value for Nesamani Nagar 1st Street

Nesamani Nagar 1st Street guideline value

The current guideline value of Nesamani Nagar 1st Street is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is located in Chembakkam village and falls under the Selaiyur SRO. The land classification for this area is Commercial Class I Type - I.

How the guideline value of Nesamani Nagar 1st Street has changed

In the 2012 revision, the guideline value was Rs 3,500 per sq.ft. This figure remained the same in the 2012 and 2017 revisions, but in 2017, it dropped to Rs 2,345 per sq.ft. The 2023 revision saw a significant increase to Rs 3,500 per sq.ft, and the latest 2024 revision further increased it to Rs 3,800 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 49%. The overall change from 2012 to 2024 is an increase of 9%.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value for the village is Rs 2,200 per sq.ft, placing Nesamani Nagar 1st Street's 2024 value above this median.

• Nesamani Nagar: Rs 3,800 per sq.ft (2024)
• Nethaji 1st Street: Rs 2,700 per sq.ft (2024)
• Nethaji 2nd Cross Street: Rs 2,700 per sq.ft (2024)
• Nethaji 2nd Street: Rs 2,700 per sq.ft (2024)
• Nethaji Ist Cross Street: Rs 2,700 per sq.ft (2024)
• Nethaji Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Nesamani Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value would be Rs 38,00,000. The stamp duty at 7% would be Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, bringing the total cost together to Rs 3,42,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Nesamani Nagar 1st Street?

The Sub Registrar Office that covers Nesamani Nagar 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration office will use the guideline value to calculate applicable duties and fees.

When a property is sold, the guideline value helps ensure that the transaction is recorded accurately, and it aids in the assessment of stamp duties and registration fees. Understanding the guideline value is essential for anyone looking to buy or sell property in Chembakkam.

Frequently asked questions

What is the current guideline value of Nesamani Nagar 1st Street?

The current guideline value of Nesamani Nagar 1st Street is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most recent increase of 9% from Rs 3,500 per sq.ft in 2023 to Rs 3,800 per sq.ft in 2024. The value also increased significantly from Rs 2,345 per sq.ft in 2017 to Rs 3,500 per sq.ft in 2023.

What is the land classification for Nesamani Nagar 1st Street?

Nesamani Nagar 1st Street is classified as Commercial Class I Type - I, which indicates its use for commercial purposes.

Where can I find the registration office for Nesamani Nagar 1st Street?

The registration office covering Nesamani Nagar 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

How is the stamp duty calculated for properties in Nesamani Nagar 1st Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000 at 7%.