Guideline Value for Nimas

Nimas guideline value

The current guideline value of Nimas, located in Puthucheri village under the Padappai SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of Nimas has changed

The guideline value for Nimas has seen several revisions over the years. The 2012 revision set the value at Rs 500 per sq.ft, which decreased to Rs 335 per sq.ft in the 2017 revision. However, the value increased significantly in the 2023 revision to Rs 500 per sq.ft, and further rose to Rs 550 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2012 to 2017, there was a decrease of 33%, but the overall change from 2012 to 2024 shows a 10% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Puthucheri

Puthucheri village has a range of guideline values across its 16 streets under the Padappai SRO, with the 2024 figures varying from Rs 550 to Rs 1,500 per sq.ft. The median value for these streets is Rs 625 per sq.ft, placing Nimas's current value below this median.

• New Portia: Rs 550 per sq.ft (2024)
• Nano Homes: Rs 550 per sq.ft (2024)
• Pink House: Rs 550 per sq.ft (2024)
• Lakshmi Nagar: Rs 550 per sq.ft (2024)
• Sri Gayathri Doctors Nest Phase III: Rs 900 per sq.ft (2024)
• Sri Gayathri Doctor's Nest Phase -IV: Rs 900 per sq.ft (2024)

Stamp duty and registration fee for property in Nimas

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total fees to Rs 49,500. It is important to note that the 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 Nimas?

The Sub Registrar Office that covers Nimas is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor during property registration in Puthucheri. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value helps determine the minimum price at which a property can be registered. Buyers should be aware that the stamp duty is calculated based on the higher value between the guideline value and the sale price.

Frequently asked questions

What is the current guideline value of Nimas?

The current guideline value of Nimas is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then back to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024.

What is the land classification of Nimas?

Nimas is classified as Residential Class I Type - I under the Padappai SRO.

What are the stamp duty and registration fees for property in Nimas?

For a property valued at Rs 5,50,000, the stamp duty would be Rs 38,500, and the registration fee would be Rs 11,000, totaling Rs 49,500.

Where is the Sub Registrar Office for Nimas located?

The Padappai Sub Registrar Office is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.