Guideline Value for Nilamangai Nagar

Nilamangai Nagar guideline value

The current guideline value of Nilamangai Nagar is Rs 3,900 per sq.ft, effective from 1 July 2024. It is located in Adambakkam village under the Alandur SRO, classified as Residential Class I Type - III.

How the guideline value of Nilamangai Nagar has changed

The guideline value for Nilamangai Nagar has seen significant changes over the years. In the 2002 revision, the value was Rs 282 per sq.ft, which increased to Rs 650 per sq.ft in 2003, marking a substantial rise of 130%. The value continued to grow, reaching Rs 1,323 per sq.ft in 2007, an increase of 104%. The 2012 revision saw the value at Rs 3,500 per sq.ft, reflecting a notable increase of 165% from the previous figure. However, this was followed by a decrease to Rs 2,345 per sq.ft in 2017, a decline of 33%. The value then rose again to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,900 per sq.ft in the 2024 revision, marking an increase of 11% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1283%. There are no figures available for the revisions in years other than those listed.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO with a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value is Rs 3,900 per sq.ft, which is equal to the guideline value for Nilamangai Nagar.

• Nilamangai Nagar Avvaiyar Street: Rs 3,900 per sq.ft (2024)
• North New Street: Rs 3,900 per sq.ft (2024)
• North New Street (Vanuvampet): Rs 3,900 per sq.ft (2024)
• N S K Road: Rs 5,000 per sq.ft (2024)
• New Colony Main Road: Rs 3,900 per sq.ft (2024)
• New Colony Ist Street Extension: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Nilamangai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total cost to Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Nilamangai Nagar?

The Sub Registrar Office that covers Nilamangai Nagar 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 Adambakkam

The guideline value is an essential factor in property transactions in Adambakkam. It is used to determine the stamp duty and registration fees that must be paid during the registration process. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is registered, the guideline value serves as a baseline for calculating various fees. It is crucial for both parties involved in the transaction to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Nilamangai Nagar?

The current guideline value of Nilamangai Nagar is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 282 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, showing a significant overall increase of 1283% over this period.

What is the land classification for Nilamangai Nagar?

Nilamangai Nagar is classified as Residential Class I Type - III under the Alandur SRO.

What are the stamp duty and registration fees for a property in Nilamangai Nagar?

For a property valued at Rs 39,00,000, the stamp duty would be Rs 2,73,000, and the registration fee would be Rs 78,000, totaling Rs 3,51,000.

Where is the Sub Registrar Office for Nilamangai Nagar located?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.