Guideline Value for Nizha Avenue

Nizha Avenue guideline value

The current guideline value of Nizha Avenue, located in Rajakilpakkam village under the Selaiyur SRO, is Rs 2,150 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 Nizha Avenue has changed

The guideline value for Nizha Avenue has seen several revisions over the years. In 2012, the guideline value was set at Rs 2,000 per sq.ft. This figure remained unchanged until the 2017 revision, where it decreased to Rs 1,340 per sq.ft, marking a significant drop of 33%. Following this, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the latest revision in 2024 raised it further to Rs 2,150 per sq.ft, reflecting an 8% increase.

Additionally, there was a substantial rise from Rs 1,340 per sq.ft in 2017 to Rs 2,000 per sq.ft in 2023, which is a 49% increase. Overall, from 2012 to 2024, the guideline value has increased by 8%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Rajakilpakkam

In Rajakilpakkam, there are 384 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 5,000 per sq.ft. The median guideline value is Rs 2,150 per sq.ft, which is equal to the current guideline value of Nizha Avenue.

• Nizha Avenue 1st street: Rs 2,150 per sq.ft (2024)
• Nizha Avenue 2nd Street: 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

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 or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nizha Avenue?

The Sub Registrar Office that covers Nizha Avenue 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. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration of property transactions in Rajakilpakkam. It is used to determine the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When buying or selling property, it is essential to be aware of the current guideline value as it affects the overall transaction costs. Buyers should ensure they understand how these values are set and revised to make informed decisions during the registration process.

Frequently asked questions

What is the current guideline value of Nizha Avenue?

The current guideline value of Nizha Avenue 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 to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,150 per sq.ft in 2024.

What is the median guideline value in Rajakilpakkam?

The median guideline value in Rajakilpakkam is Rs 2,150 per sq.ft, which is the same as the current guideline value for Nizha Avenue.

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

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 1,50,500, and the registration fee would be Rs 43,000, totaling Rs 1,93,500.

Which office do I need to visit for registration in Nizha Avenue?

The registration for properties in Nizha Avenue is handled at the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.