Guideline Value for Nowroji Extension

Nowroji Extension guideline value

The current guideline value of Nowroji Extension is Rs 9,300 per sq.ft, effective from 1 July 2024. This area is located in Egmore village under the Periamet SRO and is classified as Commercial Class I Type - I.

How the guideline value of Nowroji Extension has changed

The guideline value for Nowroji Extension has seen significant changes over the years. The 2007 revision recorded a value of Rs 2,000 per sq.ft, which increased dramatically to Rs 8,500 per sq.ft in the 2012 revision, marking a 325% rise. However, in the 2017 revision, the value dropped to Rs 5,695 per sq.ft, reflecting a decrease of 33%. The value then rose again to Rs 8,500 per sq.ft in 2023, before reaching the current figure of Rs 9,300 per sq.ft in the 2024 revision, which is a 9% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 365%. It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Egmore

In Egmore, there are 465 streets under the Periamet SRO that have a 2024 guideline value ranging from Rs 2,800 to Rs 22,000 per sq.ft. The median value for these streets is Rs 7,100 per sq.ft, which means the guideline value for Nowroji Extension is above this median.

• Nowroji Road: Rs 9,300 per sq.ft (2024)
• Nowroji west road: Rs 9,300 per sq.ft (2024)
• N Street: Rs 13,400 per sq.ft (2024)
• Old JailWardenQuarters: Rs 6,300 per sq.ft (2024)
• Omres lane: Rs 13,400 per sq.ft (2024)
• Omres road 3rd cross street: Rs 13,400 per sq.ft (2024)

Stamp duty and registration fee for property in Nowroji Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 9,300 per sq.ft, the total guideline value amounts to Rs 93,00,000. The stamp duty at 7% would be Rs 6,51,000, and the registration fee at 2% would be Rs 1,86,000, bringing the total to Rs 8,37,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nowroji Extension?

The Sub Registrar Office covering Nowroji Extension is the Periamet Sub Registrar Office located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Egmore. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Nowroji Extension?

The current guideline value of Nowroji Extension is Rs 9,300 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 9,300 per sq.ft in 2024, reflecting an overall increase of 365% over the years.

What is the land classification for Nowroji Extension?

Nowroji Extension is classified as Commercial Class I Type - I, indicating its designation for commercial use.

Where can I find the Sub Registrar Office for Nowroji Extension?

The Sub Registrar Office for Nowroji Extension is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How is the stamp duty calculated for properties in Nowroji Extension?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 93,00,000, the stamp duty would be Rs 6,51,000 at 7%.