Guideline Value for Pushpa Nagar Main Road

Pushpa Nagar Main Road guideline value

The current guideline value of Pushpa Nagar Main Road is Rs 7,700 per sq.ft, effective from 1 July 2024. This road is located in Nungambakkam village, under the Chennai Central Joint II SRO, and is classified as Residential Class I Type - I.

How the guideline value of Pushpa Nagar Main Road has changed

The guideline value for Pushpa Nagar Main Road has seen several revisions over the years. In 2002, the guideline value was Rs 1,367 per sq.ft, which increased to Rs 3,000 per sq.ft in 2007, marking a significant rise of 119%. Following this, the value increased by 133% to reach Rs 7,000 per sq.ft in 2012. However, there was a decrease of 33% in 2017, bringing the value down to Rs 4,690 per sq.ft. The value then rose sharply by 49% to Rs 7,000 per sq.ft in 2023, and most recently, it increased by 10% to the current value of Rs 7,700 per sq.ft in 2024. The register has no figure for this street in 2003.

Overall, from 2002 to 2024, the guideline value has increased by 463%. Each revision reflects changes in the property market and is crucial for determining the value of properties in the area.

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, with a median value of Rs 8,800 per sq.ft. The guideline value of Pushpa Nagar Main Road is below this median.

• Pushpa Nagar Lane: Rs 6,600 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 Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value would be Rs 77,00,000. The stamp duty at 7% would amount to Rs 5,39,000, while the registration fee at 2% would be Rs 1,54,000, bringing the total to Rs 6,93,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Pushpa Nagar Main Road?

The Sub Registrar Office that covers Pushpa Nagar Main Road 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 critical factor in the registration process when buying or selling property in Nungambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for completing the transaction. Buyers and sellers must be aware of the current guideline value to understand the financial implications of their property dealings.

Frequently asked questions

What is the current guideline value of Pushpa Nagar Main Road?

The current guideline value of Pushpa Nagar Main Road is Rs 7,700 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 1,367 per sq.ft in 2002 to Rs 7,700 per sq.ft in 2024, reflecting an overall increase of 463% over this period.

What are the stamp duty and registration fees for properties in Pushpa Nagar Main Road?

For a property valued at Rs 77,00,000, the stamp duty would be Rs 5,39,000 and the registration fee would be Rs 1,54,000, totaling Rs 6,93,000.

Which Sub Registrar Office covers this area?

The Chennai Central Joint II Sub Registrar Office covers Pushpa Nagar Main Road, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification for Pushpa Nagar Main Road?

Pushpa Nagar Main Road is classified as Residential Class I Type - I, indicating its suitability for residential purposes.