Guideline Value for Selvam Nagar

Selvam Nagar guideline value

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

How the guideline value of Selvam Nagar has changed

The guideline value for Selvam Nagar has seen significant changes over the years. In 2002, the value was Rs 945 per sq.ft, which increased to Rs 2,000 per sq.ft in 2007, marking a 112% rise. The value then jumped to Rs 7,000 per sq.ft in 2012, reflecting a substantial increase of 250%. However, from 2012 to 2017, the value decreased to Rs 4,690 per sq.ft, a decline of 33%. The value rose again to Rs 7,000 per sq.ft in 2023, before reaching the current rate of Rs 7,700 per sq.ft in 2024, a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 715%. It is important to note that there is no figure available for the year 2003 in the register for this street.

Guideline values in Nungambakkam

In Nungambakkam, a total of 270 streets fall under the Chennai Central Joint II SRO, with 2024 guideline values ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, placing Selvam Nagar's current value below that median.

• Seetha Nagar Main Road: Rs 8,800 per sq.ft (2024)
• Seetha Nagar 4th Street: Rs 6,600 per sq.ft (2024)
• Seetha Nagar 3rd Street: Rs 6,600 per sq.ft (2024)
• Seetha Nagar 2nd Street: Rs 6,600 per sq.ft (2024)
• Seetha Nagar 1st Street: Rs 6,600 per sq.ft (2024)
• School Road: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Selvam Nagar

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, and the registration fee at 2% would be Rs 1,54,000, bringing the total cost to Rs 6,93,000. 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 detailed calculations.

Which Sub Registrar Office covers Selvam Nagar?

Selvam Nagar falls under 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 through stamp duty and registration fees.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used for calculating the applicable duties. This ensures that all transactions are fairly assessed and contribute to the local revenue.

Frequently asked questions

What is the current guideline value of Selvam Nagar?

The current guideline value of Selvam Nagar is Rs 7,700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2002, the guideline value has increased significantly, from Rs 945 per sq.ft to Rs 7,700 per sq.ft in 2024, representing an overall increase of 715%.

What is the median guideline value in Nungambakkam?

The median guideline value in Nungambakkam is Rs 8,800 per sq.ft, which is above the current value of Selvam Nagar.

What are the stamp duty and registration fees for property in Selvam Nagar?

For a 1,000 sq.ft plot, the total guideline value is Rs 77,00,000, with stamp duty at Rs 5,39,000 and registration fee at Rs 1,54,000, totaling Rs 6,93,000.

Which Sub Registrar Office covers Selvam Nagar?

Selvam Nagar is covered by the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.