Guideline Value for South Streets

South Streets guideline value

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

How the guideline value of South Streets has changed

The guideline value for South Streets has seen several revisions over the years. In 2007, the value was Rs 300 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012. However, from 2012 to 2017, the value decreased to Rs 1,340 per sq.ft. The value then rose again to Rs 2,000 per sq.ft in 2023, and most recently, it has been revised to Rs 2,160 per sq.ft in 2024, marking an 8% increase from the previous year. The register has no figures for the years 2002 and 2003.

Overall, the guideline value has increased by 620% from Rs 300 per sq.ft in 2007 to Rs 2,160 per sq.ft in 2024. The most significant increase occurred between 2007 and 2012, with a rise of 567%, while the value saw a 49% increase from 2017 to 2023.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO that carry a 2024 guideline value, 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 for South Streets.

• Somu Nagar: Rs 2,160 per sq.ft (2024)
• Somasundaram Street: Rs 2,160 per sq.ft (2024)
• Sindhu Street: Rs 2,160 per sq.ft (2024)
• Sri Devi Amman Street: Rs 2,200 per sq.ft (2024)
• Senthil Nagar: Rs 2,750 per sq.ft (2024)
• Srinagar Colony: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in South Streets

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value would be Rs 21,60,000. The stamp duty at 7% would amount to Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, bringing the total cost for stamp duty and registration fees to Rs 1,94,400. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers South Streets?

The South Streets are covered by the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Nemilicherry. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is used to assess the official value of the property, which helps in calculating the applicable fees. Buyers and sellers must be aware of the guideline value to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value of South Streets?

The current guideline value of South Streets in Nemilicherry village 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 significantly from Rs 300 per sq.ft in 2007 to Rs 2,160 per sq.ft in 2024, marking an overall increase of 620%. The most notable changes occurred between 2007 and 2012, and from 2017 to 2024.

What is the land classification for South Streets?

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

Where can I find the registration office for South Streets?

The registration office for South Streets is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is the stamp duty calculated for properties in South Streets?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a 1,000 sq.ft property at the current guideline value would incur a total stamp duty and registration fee of Rs 1,94,400.