Guideline Value for Pushpa Nagar 1st Street

Pushpa Nagar 1st Street guideline value

The current guideline value of Pushpa Nagar 1st Street is Rs 6,600 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 III Type - I.

How the guideline value of Pushpa Nagar 1st Street has changed

The guideline value for Pushpa Nagar 1st Street has seen several revisions over the years. In 2007, the value was Rs 1,500 per sq.ft, which increased significantly to Rs 6,000 per sq.ft in 2012. However, it dropped to Rs 4,020 per sq.ft in 2017 before rising again to Rs 6,000 per sq.ft in 2023. The latest revision in 2024 set the guideline value at Rs 6,600 per sq.ft.

From 2017 to 2023, the value increased by 49%, while the jump from 2023 to 2024 was 10%. The years 2002 and 2003 have no figures recorded for this street in the register. Overall, from 2007 to 2024, the guideline value has increased by 340%.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO with a 2024 guideline value 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 Pushpa Nagar 1st Street's 2024 value below that median.

• Pushpa Nagar 2nd Street: Rs 6,600 per sq.ft (2024)
• Pushpa Nagar 3rd Street: Rs 6,600 per sq.ft (2024)
• Pushpa Nagar Lane: Rs 6,600 per sq.ft (2024)
• Pushpa Nagar Main Road: Rs 7,700 per sq.ft (2024)
• Pushpa Nagar (Slum Area): Rs 6,600 per sq.ft (2024)
• Pycrofts Garden Road: Rs 13,200 per sq.ft (2024)

Stamp duty and registration fee for property in Pushpa Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total fees to Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Pushpa Nagar 1st Street?

The Sub Registrar Office that covers Pushpa Nagar 1st Street 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 details.

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

The guideline value plays a crucial role during the registration of property transactions in Nungambakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, it is essential to be aware of the guideline value, as it can influence the overall cost of the transaction. Buyers should ensure that the sale price meets or exceeds the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Pushpa Nagar 1st Street?

The current guideline value of Pushpa Nagar 1st Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 340% over the years.

What is the registration office for Pushpa Nagar 1st Street?

The registration office for Pushpa Nagar 1st Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is stamp duty calculated for properties in Pushpa Nagar 1st Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 at 7%.

What are the guideline values of other streets in Nungambakkam?

Other streets in Nungambakkam have varying guideline values. For instance, Pushpa Nagar 2nd Street, 3rd Street, and Lane all have a guideline value of Rs 6,600 per sq.ft, while Pushpa Nagar Main Road has a higher value of Rs 7,700 per sq.ft.