Guideline Value for Nobel 2nd Street

Nobel 2nd Street guideline value

The current guideline value of Nobel 2nd Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Palavanthangal village, under the Alandur SRO, and is classified as Commercial Class I Type - I.

How the guideline value of Nobel 2nd Street has changed

The guideline value for Nobel 2nd Street has seen significant changes over the years. In 2007, the value was Rs 1,400 per sq.ft, which increased to Rs 5,000 per sq.ft in 2012. However, there was a decrease to Rs 3,350 per sq.ft in 2017. Following this, the value rose to Rs 5,000 per sq.ft in 2023 and further increased to the current rate of Rs 5,500 per sq.ft in 2024. The register has no figure for this street in 2002 and 2003.

From 2007 to 2012, the value increased by 257%, but then it decreased by 33% from 2012 to 2017. A significant rise of 49% occurred from 2017 to 2023, followed by a 10% increase from 2023 to 2024. Overall, the guideline value has increased by 293% from 2007 to 2024.

Guideline values in Palavanthangal

In Palavanthangal, there are 95 streets under the Alandur SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft, with a median value of Rs 3,900 per sq.ft. The guideline value of Nobel 2nd Street is above this median.

• Nobel 3rd Street: Rs 4,400 per sq.ft (2024)
• Nobel 4th Street: Rs 4,400 per sq.ft (2024)
• Nobel Street: Rs 4,400 per sq.ft (2024)
• Nobel Street 1st Street: Rs 4,400 per sq.ft (2024)
• New colony 3rd lane: Rs 2,800 per sq.ft (2024)
• New Colony 2nd Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Nobel 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total to Rs 4,95,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Nobel 2nd Street?

The Sub Registrar Office that covers Nobel 2nd Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Palavanthangal. It serves as a reference point for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property dealings. Buyers and sellers should be aware of the guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Nobel 2nd Street?

The current guideline value of Nobel 2nd Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 1,400 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification of Nobel 2nd Street?

Nobel 2nd Street is classified as Commercial Class I Type - I.

Where can I find the Sub Registrar Office for Nobel 2nd Street?

The Sub Registrar Office for Nobel 2nd Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is stamp duty calculated for properties in Nobel 2nd Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 at 7%.