Guideline Value for S.P. NAGAR

S.P. Nagar guideline value

The current guideline value of S.P. Nagar, located in Nanthiambakkam village under the Thiruvottiyur SRO, is Rs 330 per sq.ft. This value is effective from 1 July 2024 and falls under the land classification of Residential Special Type - II.

How the guideline value of S.P. Nagar has changed

The guideline value for S.P. Nagar has seen several revisions over the years. The earliest record is from 2002, with a guideline value of Rs 33 per sq.ft. This value increased to Rs 39 per sq.ft in 2003, marking an 18% rise. In 2007, the value surged to Rs 50 per sq.ft, a significant increase of 28%. The value then rose dramatically to Rs 300 per sq.ft in 2012, reflecting a 500% increase. However, it dropped to Rs 201 per sq.ft in 2017, a decrease of 33%. The value then increased to Rs 300 per sq.ft in 2023, and finally to the current Rs 330 per sq.ft in 2024, which is a 10% increase from the previous year.

Throughout these revisions, the guideline value for S.P. Nagar has shown an overall increase of 900% from the 2002 figure to the 2024 figure. There are no other years listed in the register for this street.

Guideline values in Nanthiambakkam

In Nanthiambakkam, there are 85 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 275 to Rs 770 per sq.ft. The median value for these streets is Rs 330 per sq.ft, which is equal to the current guideline value of S.P. Nagar.

• Sowparnika Nagar: Rs 330 per sq.ft (2024)
• Sri Balasubramaniyam Nagar: Rs 385 per sq.ft (2024)
• Sivasakthi Nagar: Rs 330 per sq.ft (2024)
• Sri Durgai Amman Nagar: Rs 275 per sq.ft (2024)
• Sri Muthukumaraswamy Nagar: Rs 330 per sq.ft (2024)
• Sri Nagar: Rs 330 per sq.ft (2024)

Stamp duty and registration fee for property in S.P. Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 330 per sq.ft, the total guideline value amounts to Rs 3,30,000. The stamp duty, charged at 7%, would be Rs 23,100, while the registration fee at 2% would be Rs 6,600. Together, the total cost for stamp duty and registration fee would be Rs 29,700. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers S.P. Nagar?

The Sub Registrar Office that covers S.P. Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. For more information, you can find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Nanthiambakkam. When a property is bought or sold, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly affects the financial obligations during the property registration process. This ensures transparency and compliance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of S.P. Nagar?

The current guideline value of S.P. Nagar is Rs 330 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 33 per sq.ft in 2002 to Rs 330 per sq.ft in 2024, reflecting an overall increase of 900% across various revisions.

What are the stamp duty and registration fees for properties in S.P. Nagar?

For a property valued at Rs 3,30,000, the stamp duty would be Rs 23,100 and the registration fee would be Rs 6,600, totaling Rs 29,700.

Which office handles property registrations in S.P. Nagar?

The Thiruvottiyur Sub Registrar Office is responsible for property registrations in S.P. Nagar, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

What is the significance of the guideline value during property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions, ensuring that these costs are based on a standardized valuation set by the Registration Department.