Guideline Value for Nowroji west road

Nowroji west road guideline value

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

How the guideline value of Nowroji west road has changed

The guideline value for Nowroji west road has seen significant changes over the years. In 2007, the value was Rs 2,000 per sq.ft. This increased dramatically to Rs 8,500 per sq.ft in 2012, marking a rise of 325%. However, between 2012 and 2017, the value decreased to Rs 5,695 per sq.ft, a drop of 33%. The value then rose again to Rs 8,500 per sq.ft in 2023, showing an increase of 49% from the previous revision. The most recent revision in 2024 set the guideline value at Rs 9,300 per sq.ft, reflecting a 9% increase from 2023.

The register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 365%.

Guideline values in Egmore

In Egmore, there are 465 streets under the Periamet SRO that carry 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, placing Nowroji west road's 2024 figure above this median.

• Nowroji Road: Rs 9,300 per sq.ft (2024)
• Nowroji Extension: 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 west road

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

Which Sub Registrar Office covers Nowroji west road?

The Sub Registrar Office covering Nowroji west road 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 is a critical factor in the registration process when buying or selling property in Egmore. It serves as the basis for calculating stamp duty and registration fees, ensuring that these costs are aligned with the official valuation of the property.

When a property is sold, the guideline value is used to determine the minimum value on which the stamp duty is calculated. This means that if the sale price is lower than the guideline value, the stamp duty will be calculated based on the guideline value instead.

Frequently asked questions

What is the current guideline value of Nowroji west road?

The current guideline value of Nowroji west road 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%.

What is the land classification of Nowroji west road?

Nowroji west road is classified as Commercial Class I Type - I, indicating its suitability for commercial activities.

Where can I find the Sub Registrar Office for Nowroji west road?

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

How is stamp duty calculated for properties in Egmore?

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