Guideline Value for SSP Nagar

SSP Nagar guideline value

The current guideline value of SSP Nagar in Nemilicherry village is Rs 2,160 per sq.ft, effective from 1 July 2024. This area falls under the Pallavaram Sub Registrar Office and is classified as Residential Class II Type - I.

How the guideline value of SSP Nagar has changed

The guideline value of SSP Nagar has seen several revisions over the years. In the 2007 revision, the value was Rs 400 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012, marking a 400% rise. However, in the 2017 revision, the value dropped to Rs 1,340 per sq.ft, a decrease of 33%. The value then rose to Rs 2,000 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 2,160 per sq.ft, reflecting an increase of 8% from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 440%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median value for these streets is Rs 2,160 per sq.ft, which is equal to the current guideline value of SSP Nagar.

• Subash Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Subash Nagar, Visweswaran Street: Rs 2,200 per sq.ft (2024)
• Subbulakshmi Street: Rs 2,200 per sq.ft (2024)
• Teacher Colony: Rs 2,200 per sq.ft (2024)
• Srinivasa Street: Rs 2,200 per sq.ft (2024)
• Srinagar Colony: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in SSP Nagar

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 21,60,000. The stamp duty at 7% amounts to Rs 1,51,200, and the registration fee at 2% is Rs 43,200, bringing the total to Rs 1,94,400. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers SSP Nagar?

The Sub Registrar Office that covers SSP Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Nemilicherry. It serves as a benchmark for determining the minimum value of a property, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the worth of the property. It is essential to consider this value to ensure compliance with legal requirements and avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of SSP Nagar?

The current guideline value of SSP Nagar is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2007 to Rs 2,160 per sq.ft in 2024, showing an overall increase of 440% over the years.

What is the classification of land in SSP Nagar?

SSP Nagar is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for SSP Nagar?

The Sub Registrar Office for SSP Nagar is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated in SSP Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.