Guideline Value for SMART CITY

Smart City guideline value

The current guideline value for Smart City in Nayakkankuppam village is Rs 150 per sq.ft, effective from 1 July 2024. This area falls under the Walajabad SRO and is classified as Residential Class I Type - III.

How the guideline value of Smart City has changed

In the 2012 revision, the guideline value was set at Rs 150 per sq.ft. This figure remained unchanged until the 2017 revision, where it dropped to Rs 100 per sq.ft, representing a decrease of 33%. The value increased by 50% in the 2023 revision, bringing it back to Rs 150 per sq.ft, which was also the value in the 2012 revision.

The most recent revision in 2024 maintained the guideline value at Rs 150 per sq.ft, showing no change from the previous year. There are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Nayakkankuppam

In Nayakkankuppam, there are 23 streets under the Walajabad SRO that carry a 2024 guideline value ranging from Rs 150 to Rs 403 per sq.ft, with a median value of Rs 200 per sq.ft. The guideline value for Smart City is below this median.

• Sree Sastha Avenue: Rs 150 per sq.ft (2024)
• Sikaram Avenue: Rs 200 per sq.ft (2024)
• Sri Babuji Nagar: Rs 200 per sq.ft (2024)
• Selva Vignesh Nagar: Rs 150 per sq.ft (2024)
• Sri Mahalakshmi Nagar: Rs 403 per sq.ft (2024)
• Sri Ragavendira Nagar: Rs 250 per sq.ft (2024)

Stamp duty and registration fee for property in Smart City

For a 1,000 sq.ft plot at the current guideline value of Rs 150 per sq.ft, the total guideline value amounts to Rs 1,50,000. The stamp duty at 7% would be Rs 10,500, and the registration fee at 2% would be Rs 3,000, bringing the total to Rs 13,500. 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 Smart City?

The Smart City area is covered by the Walajabad Sub Registrar Office, located at Sriperumbudur Road, Walajabad-631 605, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Nayakkankuppam. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value serves as a benchmark for calculating the applicable fees. Buyers should be aware that the stamp duty is charged on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value for Smart City?

The current guideline value for Smart City in Nayakkankuppam village is Rs 150 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, with the most recent revision in 2024 maintaining it at Rs 150 per sq.ft, unchanged from 2023. The value was Rs 100 per sq.ft in 2017 and Rs 150 per sq.ft in 2012.

What are the guideline values for other streets in Nayakkankuppam?

Other streets in Nayakkankuppam have varying guideline values, ranging from Rs 150 to Rs 403 per sq.ft. For example, Sree Sastha Avenue and Selva Vignesh Nagar both have a guideline value of Rs 150 per sq.ft in 2024.

What is the stamp duty for property in Smart City?

The stamp duty for property in Smart City is charged at 7% of the guideline value or the sale price, whichever is higher. For a plot valued at Rs 1,50,000, the stamp duty would be Rs 10,500.

Where can I find the Walajabad Sub Registrar Office?

The Walajabad Sub Registrar Office is located at Sriperumbudur Road, Walajabad-631 605, Chengalpattu registration zone. You can find more information by visiting the provided link.