Guideline Value for Nirmal Nagar

Nirmal Nagar guideline value

The current guideline value for Nirmal Nagar, located in Menambedu village under the Ambattur SRO, is Rs 1,002 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class V Type - I.

How the guideline value of Nirmal Nagar has changed

The guideline value for Nirmal Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 700 per sq.ft, which then changed to Rs 469 per sq.ft in the 2017 revision. This marked a decrease of 33%. However, from 2017 to 2023, the value increased significantly to Rs 1,000 per sq.ft, reflecting a rise of 113%. The latest revision in 2024 has set the guideline value at Rs 1,002 per sq.ft, which is a marginal increase of 0% from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 43%.

Guideline values in Menambedu

In Menambedu village, there are 171 streets under the Ambattur SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 6,680 per sq.ft. The median value for these streets is Rs 1,003 per sq.ft, placing Nirmal Nagar's 2024 figure slightly below this median. Below are some other streets in Menambedu:

• New Building Colony: Rs 1,300 per sq.ft (2024)
• Old Mariyamman Koil Street: Rs 1,001 per sq.ft (2024)
• Old Street: Rs 1,001 per sq.ft (2024)
• Netaji Street: Rs 1,300 per sq.ft (2024)
• Nehru Street: Rs 1,300 per sq.ft (2024)
• Pallavan Street: Rs 1,000 per sq.ft (2024)

Stamp duty and registration fee for property in Nirmal Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,002 per sq.ft, the total guideline value amounts to Rs 10,02,000. The stamp duty, charged at 7%, would be Rs 70,140, while the registration fee at 2% would be Rs 20,040. Together, the total cost for these fees would be Rs 90,180. It is essential 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 Nirmal Nagar?

Nirmal Nagar falls under the jurisdiction of the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. You can find your SRO here.

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

The guideline value is a crucial factor when registering a property in Menambedu. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property transactions.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are essential components of the registration process. Buyers must be aware of these values to avoid any discrepancies during the transaction.

Frequently asked questions

What is the current guideline value of Nirmal Nagar?

The current guideline value of Nirmal Nagar is Rs 1,002 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Nirmal Nagar has changed from Rs 700 per sq.ft in 2012 to Rs 1,002 per sq.ft in 2024, reflecting an overall increase of 43% over this period.

What is the land classification for Nirmal Nagar?

Nirmal Nagar is classified as Residential Class V Type - I, indicating its designation for residential purposes.

What are the stamp duty rates for property in Nirmal Nagar?

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

Where can I find the Sub Registrar Office for Nirmal Nagar?

The Sub Registrar Office covering Nirmal Nagar is located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.