Guideline Value for Nisha Nagar

Nisha Nagar guideline value

The current guideline value of Nisha Nagar is Rs 1,200 per sq.ft, effective from 1 July 2024. This area is located in Madambakkam village and falls under the Gooduvancheri SRO. The land classification for Nisha Nagar is Commercial Special Type - I.

How the guideline value of Nisha Nagar has changed

The guideline value for Nisha Nagar has seen several revisions over the years. The earliest recorded revision was in 2007, where the guideline value was Rs 245 per sq.ft. This increased significantly to Rs 1,200 per sq.ft in 2012, marking a notable rise of 390%. However, in the subsequent revision in 2017, the value decreased to Rs 804 per sq.ft, reflecting a decline of 33%. The guideline value then remained at Rs 1,200 per sq.ft during the revisions in 2023 and 2024, showing no change between these two years.

There are no recorded figures for the years 2002 and 2003 for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 390%.

Guideline values in Madambakkam

In Madambakkam, there are 110 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 800 to Rs 2,000 per sq.ft. The median value is Rs 1,200 per sq.ft, which is equal to the guideline value of Nisha Nagar for 2024.

• Nisha Nagar Extn: Rs 1,200 per sq.ft (2024)
• Om Vasan Nagar: Rs 1,200 per sq.ft (2024)
• Padbanaban Avenue: Rs 1,201 per sq.ft (2024)
• Pandian Avenue: Rs 1,200 per sq.ft (2024)
• Pearl Enclave: Rs 1,200 per sq.ft (2024)
• Mohan Avenue: Rs 1,200 per sq.ft (2024)

Stamp duty and registration fee for property in Nisha Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,200 per sq.ft, the total guideline value amounts to Rs 12,00,000. The stamp duty at 7% would be Rs 84,000, and the registration fee at 2% would be Rs 24,000, bringing the total to Rs 1,08,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Nisha Nagar?

Nisha Nagar falls under the jurisdiction of the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is used as a reference point for property transactions in Madambakkam. It helps determine the amount of stamp duty and registration fees that need to be paid during the registration of property. Buyers and sellers must consider the guideline value to ensure compliance with legal requirements.

When selling a property, the guideline value is essential for calculating the applicable taxes and fees. It is crucial for both parties to be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Nisha Nagar?

The current guideline value of Nisha Nagar is Rs 1,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 245 per sq.ft in 2007 to Rs 1,200 per sq.ft in 2012, then decreased to Rs 804 per sq.ft in 2017, and remained at Rs 1,200 per sq.ft in 2023 and 2024.

What is the land classification for Nisha Nagar?

The land classification for Nisha Nagar is Commercial Special Type - I.

Where is the Gooduvancheri Sub Registrar Office located?

The Gooduvancheri Sub Registrar Office is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Nisha Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 1,200 per sq.ft would incur a total stamp duty of Rs 84,000.