Guideline Value for Noor Veerasamy 2nd Lane

Noor Veerasamy 2nd Lane guideline value

The current guideline value of Noor Veerasamy 2nd Lane is Rs 7,700 per sq.ft, effective from 1 July 2024. This street 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 2nd Lane has changed

Over the years, the guideline value of Noor Veerasamy 2nd Lane has seen several revisions. The 2007 revision set the value at Rs 2,000 per sq.ft, which increased significantly to Rs 7,000 per sq.ft in 2012, marking a 250% rise. However, this value decreased to Rs 4,690 per sq.ft in 2017, reflecting a 33% drop. The 2023 revision brought the value back up to Rs 7,000 per sq.ft, and the most recent 2024 revision has set it at Rs 7,700 per sq.ft, a 10% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 285%, showcasing significant fluctuations over the years.

Guideline values in Nungambakkam

Nungambakkam village has a total of 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 in this area is Rs 8,800 per sq.ft, indicating that the guideline value of Noor Veerasamy 2nd Lane is below this median.

• Noor Veerasamy 1st 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 (Extension): 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 2nd Lane

For a 1,000 sq.ft plot at the current rate of Rs 7,700 per sq.ft, the guideline value totals Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and 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 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 further calculations.

Which Sub Registrar Office covers Noor Veerasamy 2nd Lane?

Noor Veerasamy 2nd 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. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering a property in Nungambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps both parties understand the value of the property being transacted. It is essential for buyers to be aware of the guideline value to avoid overpaying and for sellers to set a competitive price that reflects the current market conditions.

Frequently asked questions

What is the current guideline value of Noor Veerasamy 2nd Lane?

The current guideline value of Noor Veerasamy 2nd 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 significantly from Rs 2,000 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, marking an overall increase of 285% over the years.

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

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 the registration for Noor Veerasamy 2nd Lane?

The registration for Noor Veerasamy 2nd Lane is handled by the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification for Noor Veerasamy 2nd Lane?

Noor Veerasamy 2nd Lane is classified as Residential Class I Type - I, indicating its suitability for residential purposes.