Guideline Value for Noor Veerasamy 1st Lane

Noor Veerasamy 1st Lane guideline value

The current guideline value of Noor Veerasamy 1st Lane is Rs 7,700 per sq.ft, effective from 1 July 2024. This lane is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Noor Veerasamy 1st Lane has changed

The guideline value for Noor Veerasamy 1st Lane has undergone several revisions over the years. The earliest recorded figure is from 2007, set at Rs 2,000 per sq.ft. This increased significantly to Rs 7,000 per sq.ft in 2012, marking a 250% rise. However, between 2012 and 2017, the value decreased to Rs 4,690 per sq.ft, a decline of 33%. The value then saw a substantial increase to Rs 7,000 per sq.ft in 2023, followed by a further rise to Rs 7,700 per sq.ft in the 2024 revision, reflecting a 10% increase.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 figure to the current 2024 value, there has been a significant increase of 285%. It is important to note that the register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO, with guideline values ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Noor Veerasamy 1st Lane's 2024 value below this median.

• Noor Veerasamy 2nd Lane: Rs 7,700 per sq.ft (2024)
• Noor Veerasamy Street: Rs 7,700 per sq.ft (2024)
• North Mada Street: Rs 6,600 per sq.ft (2024)
• North Mada Street (Extention): Rs 6,600 per sq.ft (2024)
• New Tank Street: Rs 7,700 per sq.ft (2024)
• New Street: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Noor Veerasamy 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value is Rs 77,00,000. The stamp duty at 7% would amount to Rs 5,39,000, while the registration fee at 2% would be Rs 1,54,000, bringing the total to Rs 6,93,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Noor Veerasamy 1st Lane?

Noor Veerasamy 1st Lane is covered by the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Nungambakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these charges are based on a standardized value.

When you register a property, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable duties. This process helps maintain transparency and consistency in property transactions.

Frequently asked questions

What is the current guideline value of Noor Veerasamy 1st Lane?

The current guideline value of Noor Veerasamy 1st Lane is Rs 7,700 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 2007 to Rs 7,700 per sq.ft in 2024, reflecting an overall increase of 285%.

What is the median guideline value for streets in Nungambakkam?

The median guideline value for streets in Nungambakkam is Rs 8,800 per sq.ft, which is higher than the current value of Noor Veerasamy 1st Lane.

What are the stamp duty and registration fees for properties in this lane?

For a property valued at Rs 77,00,000, the stamp duty would be Rs 5,39,000 and the registration fee would be Rs 1,54,000, totaling Rs 6,93,000.

Which office handles registrations for Noor Veerasamy 1st Lane?

The Chennai Central Joint II Sub Registrar Office manages registrations for Noor Veerasamy 1st Lane, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.