Guideline Value for Nizha Avenue 2nd Street

Nizha Avenue 2nd Street guideline value

The current guideline value of Nizha Avenue 2nd Street is Rs 2,150 per sq.ft, effective from 1 July 2024. This street is located in Rajakilpakkam village, under the Selaiyur SRO, and is classified as Residential Class I Type - I.

How the guideline value of Nizha Avenue 2nd Street has changed

The guideline value for Nizha Avenue 2nd Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the value increased to Rs 2,000 per sq.ft in the 2023 revision, and finally rose to Rs 2,150 per sq.ft in the 2024 revision, marking an 8% increase from the previous year. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2017 to 2023, the guideline value increased by 49%. Overall, comparing the 2012 revision to the 2024 revision, there has been an increase of 8%. This highlights the fluctuations in the guideline value over the years.

Guideline values in Rajakilpakkam

In Rajakilpakkam, there are 384 streets under the Selaiyur SRO that have a 2024 guideline value ranging from Rs 850 to Rs 5,000 per sq.ft. The median value among these streets is Rs 2,150 per sq.ft, which is exactly the same as the guideline value for Nizha Avenue 2nd Street.

• Nizha Avenue 1st street: Rs 2,150 per sq.ft (2024)
• Nizha Avenue: Rs 2,150 per sq.ft (2024)
• Nisha Avenue II: Rs 2,150 per sq.ft (2024)
• N.T.R. Garden: Rs 950 per sq.ft (2024)
• Old Institute Road: Rs 880 per sq.ft (2024)
• Neminathan Nagar: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Nizha Avenue 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,150 per sq.ft, the total guideline value amounts to Rs 21,50,000. The stamp duty at 7% would be Rs 1,50,500, and the registration fee at 2% would be Rs 43,000, bringing the total cost for these fees to Rs 1,93,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nizha Avenue 2nd Street?

The Sub Registrar Office covering Nizha Avenue 2nd Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. For more details, you can find your SRO.

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

The guideline value serves as a benchmark for property transactions in Rajakilpakkam. When buying or selling a property, the guideline value is used to determine the stamp duty and registration fees that need to be paid during the registration process.

It is crucial for buyers and sellers to be aware of the current guideline value, as this affects the overall cost of property transactions. The guideline value ensures that both parties are aware of the minimum value set by the government for property registration.

Frequently asked questions

What is the current guideline value of Nizha Avenue 2nd Street?

The current guideline value of Nizha Avenue 2nd Street is Rs 2,150 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,150 per sq.ft in 2024.

What is the stamp duty for properties in Nizha Avenue 2nd Street?

The stamp duty for properties in Nizha Avenue 2nd Street is charged at 7% of the guideline value or the sale price, whichever is higher.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

What is the land classification of Nizha Avenue 2nd Street?

Nizha Avenue 2nd Street is classified as Residential Class I Type - I, which indicates its suitability for residential development.