Guideline Value for Nungambakkam High Road 1st Lane

Nungambakkam High Road 1st Lane guideline value

The current guideline value of Nungambakkam High Road 1st Lane is Rs 9,900 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 Commercial Class I Type - II.

How the guideline value of Nungambakkam High Road 1st Lane has changed

In the 2007 revision, the guideline value was Rs 4,200 per sq.ft. This increased to Rs 9,000 per sq.ft in the 2012 revision, marking a significant rise of 114%. However, in the 2017 revision, the value dropped to Rs 6,030 per sq.ft, reflecting a decrease of 33%. The value then saw a substantial increase to Rs 9,000 per sq.ft in the 2023 revision, followed by another rise to Rs 9,900 per sq.ft in the 2024 revision, which is an increase of 10%.

From the 2017 revision to 2023, there was an increase of 49%. Overall, from 2007 to 2024, the guideline value has increased by 136%. It is important to note that there are no figures available 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 that carry a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing Nungambakkam High Road 1st Lane above this median.

• Nungambakkam High Road 4th Street: Rs 9,900 per sq.ft (2024)
• Nungambakkam High Road (or) Uthamar Gandhi Road: Rs 22,000 per sq.ft (2024)
• North Mada Street (Extention): Rs 6,600 per sq.ft (2024)
• North Mada Street: Rs 6,600 per sq.ft (2024)
• Noor Veerasamy Street: Rs 7,700 per sq.ft (2024)
• Noor Veerasamy 2nd Lane: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Nungambakkam High Road 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 9,900 per sq.ft, the total guideline value amounts to Rs 99,00,000. The stamp duty at 7% would be Rs 6,93,000, and the registration fee at 2% would be Rs 1,98,000, bringing the total to Rs 8,91,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Nungambakkam High Road 1st Lane?

The Sub Registrar Office that covers Nungambakkam High Road 1st Lane is 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 in the registration process when buying or selling property. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher amount is considered for calculating the applicable duties and fees. This ensures that the government receives the correct revenue based on the property’s value.

Frequently asked questions

What is the current guideline value of Nungambakkam High Road 1st Lane?

The current guideline value of Nungambakkam High Road 1st Lane is Rs 9,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, starting from Rs 4,200 per sq.ft in 2007, rising to Rs 9,900 per sq.ft in 2024. The most significant increase occurred between 2007 and 2012, and again from 2017 to 2024.

What is the land classification for Nungambakkam High Road 1st Lane?

The land classification for Nungambakkam High Road 1st Lane is Commercial Class I Type - II, indicating its suitability for commercial activities.

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

Stamp duty is charged at 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total fees can amount to Rs 8,91,000.

Where can I find the Sub Registrar Office for Nungambakkam High Road 1st Lane?

The Sub Registrar Office for Nungambakkam High Road 1st Lane is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.