Guideline Value for Nisha Avenue Extention-1

Nisha Avenue Extention-1 guideline value

The current guideline value of Nisha Avenue Extention-1 is Rs 3,520 per sq.ft, effective from 1 July 2024. This property is located in Chitlapakkam village, under the Tambaram Joint 1 SRO, and is classified as Residential Special Type - III.

How the guideline value of Nisha Avenue Extention-1 has changed

The guideline value for Nisha Avenue Extention-1 has seen several revisions over the years. The 2024 revision sets the value at Rs 3,520 per sq.ft, an increase from Rs 3,200 per sq.ft in the 2023 revision, reflecting a change of +10%. Prior to that, the 2017 revision recorded a guideline value of Rs 2,144 per sq.ft, marking a significant increase of +49% from the previous 2023 figure. The 2012 revision had the guideline value at Rs 3,200 per sq.ft, which was a decrease of -33% from the 2017 revision. Overall, from 2012 to 2024, the guideline value has increased by +10%.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street. The 2012 revision was the first recorded figure for Nisha Avenue Extention-1, followed by the subsequent revisions in 2017, 2023, and 2024.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft, with a median value of Rs 1,650 per sq.ft. The guideline value for Nisha Avenue Extention-1 is above this median, indicating a higher valuation compared to many other streets in the area.

• Nisha Avenue: Rs 3,300 per sq.ft (2024)
• New Plot Extension Road: Rs 1,100 per sq.ft (2024)
• New Plot Division: Rs 1,100 per sq.ft (2024)
• Nethaji subash santhiraposh street: Rs 1,100 per sq.ft (2024)
• Neru street (M.G.R Nagar 1st kulakkarai street varai): Rs 1,100 per sq.ft (2024)
• OM Sakthi nagar 1st cross st: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Nisha Avenue Extention-1

For a 1,000 sq.ft plot at the current guideline value of Rs 3,520 per sq.ft, the total guideline value amounts to Rs 35,20,000. The stamp duty at 7% would be Rs 2,46,400, and the registration fee at 2% would be Rs 70,400, bringing the total fees to Rs 3,16,800. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use our stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Nisha Avenue Extention-1?

The Nisha Avenue Extention-1 is covered by the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Chitlapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling a property, the guideline value is assessed alongside the sale price. The higher of the two values is taken into consideration for calculating the applicable stamp duty and registration fees, thereby ensuring compliance with legal requirements.

Frequently asked questions

What is the current guideline value of Nisha Avenue Extention-1?

The current guideline value of Nisha Avenue Extention-1 is Rs 3,520 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,144 per sq.ft in 2017 to Rs 3,520 per sq.ft in 2024, with various revisions in between, including Rs 3,200 in 2023 and Rs 3,200 in 2012.

What is the land classification for Nisha Avenue Extention-1?

Nisha Avenue Extention-1 is classified as Residential Special Type - III, which indicates its designated use for residential purposes.

Where can I find the registration office for Nisha Avenue Extention-1?

The registration office for Nisha Avenue Extention-1 is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is the stamp duty calculated for properties in Chitlapakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 35,20,000 would incur a stamp duty of Rs 2,46,400 at the rate of 7%.