Guideline Value for Pushpa Nagar Lane

Pushpa Nagar Lane guideline value

The current guideline value of Pushpa Nagar Lane is Rs 6,600 per sq.ft, effective from 1 July 2024. This lane 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 Lane has changed

The guideline value for Pushpa Nagar Lane has experienced 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, this was followed by a decrease to Rs 4,020 per sq.ft in 2017. From 2017 to 2023, the value rose sharply to Rs 6,000 per sq.ft, and the most recent revision in 2024 set the value at Rs 6,600 per sq.ft, marking 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 340%.

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, indicating that Pushpa Nagar Lane's 2024 figure is below that median.

• Pushpa Nagar Main Road: Rs 7,700 per sq.ft (2024)
• Pushpa Nagar (Slum Area): Rs 6,600 per sq.ft (2024)
• Pushpa Nagar 3rd Street: Rs 6,600 per sq.ft (2024)
• Pushpa Nagar 2nd Street: Rs 6,600 per sq.ft (2024)
• Pushpa Nagar 1st Street: 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 Lane

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 together 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Pushpa Nagar Lane?

The Sub Registrar Office covering Pushpa Nagar 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 during the registration of property transactions in Nungambakkam. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are calculated based on the official value set by the government.

When buying or selling property, both parties must consider the guideline value to ensure compliance with legal requirements. This value helps maintain transparency and fairness in property transactions, as it reflects the official assessment of property worth in the area.

Frequently asked questions

What is the current guideline value for Pushpa Nagar Lane?

The current guideline value for Pushpa Nagar Lane 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, showing a significant increase over the years.

What is the land classification for Pushpa Nagar Lane?

Pushpa Nagar Lane is classified as Residential Class III Type - I, indicating its suitability for residential development.

What are the stamp duty rates applicable for property in Pushpa Nagar Lane?

The stamp duty rate for property transactions in Pushpa Nagar Lane is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Pushpa Nagar Lane?

The Sub Registrar Office for Pushpa Nagar Lane is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.