Guideline Value for SPANISH CITY

Spanish City guideline value

The current guideline value of Spanish City, located in Nayapakkam village under the Manavalanagar SRO, is Rs 600 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Spanish City has changed

In the 2012 revision, the guideline value was set at Rs 600 per sq.ft. This figure remained unchanged in the subsequent revisions of 2017 and 2023. However, in 2017, the value had previously been Rs 402 per sq.ft, marking a significant increase of 49% from 2017 to 2023. The 2024 revision maintains the same value of Rs 600 per sq.ft as in 2023, indicating no change between these two years.

For the years 2002, 2003, and 2007, the register has no figure for this street. Overall, from 2012 to 2024, the guideline value has shown no increase, remaining at Rs 600 per sq.ft.

Guideline values in Nayapakkam

Nayapakkam village has 16 streets under the Manavalanagar SRO that carry a 2024 guideline value ranging from Rs 400 to Rs 900 per sq.ft, with a median value of Rs 500 per sq.ft. The guideline value for Spanish City is above this median.

• Sree Maharish Enclave Phase I: Rs 500 per sq.ft (2024)
• Sree Maharish Enclave Phase II: Rs 500 per sq.ft (2024)
• Info Tech City Extension: Rs 500 per sq.ft (2024)
• Infotech City: Rs 500 per sq.ft (2024)
• Golden Avenue Part II: Rs 500 per sq.ft (2024)
• Golden Avenue Part I: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Spanish City

For a 1,000 sq.ft plot at the current guideline value of Rs 600 per sq.ft, the total guideline value amounts to Rs 6,00,000. The stamp duty at 7% would be Rs 42,000, and the registration fee at 2% would be Rs 12,000, making the total cost for these fees Rs 54,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Spanish City?

The Sub Registrar Office that covers Spanish City is the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process of property transactions in Nayapakkam. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value serves as a reference point for both buyers and sellers. It is essential to consider this value to ensure compliance with legal requirements during the registration of the property.

Frequently asked questions

What is the current guideline value of Spanish City?

The current guideline value of Spanish City is Rs 600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained Rs 600 per sq.ft since 2012, with a notable increase from Rs 402 per sq.ft in 2017 to Rs 600 per sq.ft in 2023. There was no change from 2023 to 2024.

What is the land classification of Spanish City?

Spanish City is classified as Residential Class I Type - I, which indicates its suitability for residential development.

What are the other streets in Nayapakkam with their guideline values?

Other streets in Nayapakkam have a guideline value ranging from Rs 400 to Rs 900 per sq.ft, with the median being Rs 500 per sq.ft. Spanish City is above this median value.

Where can I find the Sub Registrar Office for Spanish City?

The Sub Registrar Office for Spanish City is the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone.