Guideline Value for Nilagandan 2nd Cross Street

Nilagandan 2nd Cross Street guideline value

The current guideline value of Nilagandan 2nd Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Zaminpallavaram village, under the Pallavaram SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Nilagandan 2nd Cross Street has changed

The guideline value for Nilagandan 2nd Cross Street has undergone several revisions over the years. The earliest recorded figure is from 2003, which was Rs 486 per sq.ft. In 2007, the value increased significantly to Rs 800 per sq.ft, marking a change of +65%. The 2012 revision saw the value rise to Rs 2,500 per sq.ft, an increase of +213%. However, in 2017, the value dropped to Rs 1,675 per sq.ft, reflecting a decrease of -33%. The 2023 revision brought the value back up to Rs 2,500 per sq.ft, and the latest revision in 2024 set the value at Rs 2,750 per sq.ft, representing a +10% increase.

Overall, from 2003 to 2024, the guideline value has increased by +466%. It is important to note that the register has no figure for this street in 2002.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO, with guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, indicating that the guideline value for Nilagandan 2nd Cross Street is below this median.

• Nilagandan 1st Cross Street: Rs 2,750 per sq.ft (2024)
• North Dharka Road: Rs 2,750 per sq.ft (2024)
• New Kurunji Nagar: Rs 2,160 per sq.ft (2024)
• New Colony G.S.T.Road (Part): Rs 8,800 per sq.ft (2024)
• New Colony 9th Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 8th Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Nilagandan 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Nilagandan 2nd Cross Street?

The Sub Registrar Office that covers Nilagandan 2nd Cross Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Zaminpallavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is in line with government regulations.

When buying or selling property, the guideline value is used to calculate stamp duty and registration fees. This ensures that both parties are aware of the financial obligations involved in the transaction, providing transparency in the process.

Frequently asked questions

What is the current guideline value of Nilagandan 2nd Cross Street?

The current guideline value of Nilagandan 2nd Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 486 per sq.ft in 2003 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of +466% over the years.

What is the land classification for Nilagandan 2nd Cross Street?

The land classification for Nilagandan 2nd Cross Street is Residential Class II Type - I.

Where is the Sub Registrar Office for this area located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 1,92,500.