Guideline Value for Nibovai Street

Nibovai Street guideline value

The current guideline value of Nibovai Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class II Type - I.

How the guideline value of Nibovai Street has changed

The guideline value for Nibovai Street has seen several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft, which increased to Rs 2,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The latest revision in 2024 has further increased the value to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for Nibovai Street in the register.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. Nibovai Street's 2024 guideline value is below this median.

• Nirmal Nagar: Rs 2,200 per sq.ft (2024)
• New Kuberan Nagar Link Road: Rs 2,200 per sq.ft (2024)
• New Kuberan Nagar 7th Street: Rs 2,200 per sq.ft (2024)
• New Kuberan Nagar 6th Street: Rs 2,200 per sq.ft (2024)
• New Kuberan Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• New Kuberan Nagar 5th Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Nibovai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nibovai Street?

The Sub Registrar Office covering Nibovai Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO online for more details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is crucial during the registration of property transactions in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are calculated based on the official value set by the registration department.

When buying or selling property, it is essential to be aware of the guideline value as it impacts the overall financial obligations during the transaction. Buyers should ensure that the sale price is at least equal to the guideline value to avoid any discrepancies in the registration process.

Frequently asked questions

What is the current guideline value of Nibovai Street?

The current guideline value of Nibovai Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, reflecting a total increase of 64% over this period.

What is the land classification for Nibovai Street?

Nibovai Street is classified as Residential Class II Type - I according to the registration department's guidelines.

What are the stamp duty and registration fees for properties in Nibovai Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where is the Sub Registrar Office for Nibovai Street located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042, which covers Nibovai Street.