Guideline Value for New Narmada Nagar main

New Narmada Nagar main guideline value

The current guideline value for New Narmada Nagar main is Rs 2,800 per sq.ft, effective from 1 July 2024. This area is located in Ullagaram village, under the Alandur SRO, and falls under Residential Class II Type - I land classification.

How the guideline value of New Narmada Nagar main has changed

The guideline value for New Narmada Nagar main has seen several revisions over the years. Starting from the 2003 revision, where the value was Rs 369 per sq.ft, it increased significantly to Rs 1,200 per sq.ft in 2007. The value then rose to Rs 2,500 per sq.ft in 2012, followed by a decline to Rs 1,675 per sq.ft in 2017. However, from 2017 to 2023, the guideline value surged by 49% to reach Rs 2,500 per sq.ft, and the latest revision in 2024 shows a further increase of 12%, bringing it to Rs 2,800 per sq.ft. The register has no figure for this street for the year 2002.

Overall, from 2003 to 2024, the guideline value has increased by 659%. The changes between the revisions indicate a fluctuating trend, with the most significant increase occurring between 2003 and 2007, where the value rose by 225%. The 2012 to 2017 period saw a decrease of 33%, but the subsequent revisions have shown a consistent upward trajectory.

Guideline values in Ullagaram

In Ullagaram, there are 298 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 5,500 per sq.ft, with the median value being Rs 2,800 per sq.ft. The guideline value for New Narmada Nagar main aligns with this median.

• New Narmada Nagar 4th Street: Rs 2,800 per sq.ft (2024)
• New Narmada Nagar 3rd Street: Rs 2,800 per sq.ft (2024)
• New Narmada Nagar 2nd Street: Rs 2,800 per sq.ft (2024)
• New Narmada Nagar 1st Street: Rs 2,800 per sq.ft (2024)
• Nethaji Street: Rs 2,200 per sq.ft (2024)
• N S K Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in New Narmada Nagar main

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, totaling Rs 2,52,000. It is important 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 New Narmada Nagar main?

The Sub Registrar Office that covers New Narmada Nagar main is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Ullagaram. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property in the area.

When a property is sold, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the correct revenue from property transactions.

Frequently asked questions

What is the current guideline value for New Narmada Nagar main?

The current guideline value for New Narmada Nagar main is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly over the years, starting from Rs 369 per sq.ft in 2003 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 659%.

What is the registration office for New Narmada Nagar main?

The registration office for New Narmada Nagar main is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in New Narmada Nagar main is charged at 7% of the guideline value or sale price, whichever is higher.

How is the guideline value determined for other streets in Ullagaram?

The guideline value for other streets in Ullagaram is determined by the Alandur SRO, with values ranging from Rs 1,700 to Rs 5,500 per sq.ft, with the median being Rs 2,800 per sq.ft.