Guideline Value for Suseela Nagar Extension

Suseela Nagar Extension guideline value

The current guideline value of Suseela Nagar Extension in Nanmangalam village is Rs 2,750 per sq.ft, effective from 1 July 2024. This area falls under the Pallavaram Sub Registrar Office (SRO) and is classified as Residential Class I Type - I.

How the guideline value of Suseela Nagar Extension has changed

The guideline value for Suseela Nagar Extension has seen significant changes over the years. In 2003, the value was Rs 179 per sq.ft, which increased to Rs 300 per sq.ft in 2007. The value then rose dramatically to Rs 2,500 per sq.ft in 2012, followed by a decrease to Rs 1,675 per sq.ft in 2017. The 2023 revision set the value at Rs 2,500 per sq.ft, and the most recent revision in 2024 has increased it to Rs 2,750 per sq.ft. Overall, from 2003 to 2024, the guideline value has increased by 1,436%.

From 2017 to 2023, the value increased by 49%, while there was a decrease of 33% from 2012 to 2017. The rise from 2007 to 2012 was substantial at 733%, and the increase from 2003 to 2007 was 68%. The register has no figure for this street in 2002.

Guideline values in Nanmangalam

Nanmangalam village has 139 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,960 to Rs 3,850 per sq.ft. The median value is Rs 2,750 per sq.ft, making the guideline value of Suseela Nagar Extension equal to the median.

• S.R, Nagar: Rs 1,960 per sq.ft (2024)
• Sri Vigneshwara Avenue: Rs 2,750 per sq.ft (2024)
• Sri Sumathinath Residency: Rs 2,750 per sq.ft (2024)
• Sri Sathya Sai Nagar: Rs 1,960 per sq.ft (2024)
• Sriram Nagar: Rs 2,750 per sq.ft (2024)
• Thulukkanathamman Koil Street: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Suseela Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, making the total cost for these fees Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Suseela Nagar Extension?

The Sub Registrar Office that covers Suseela Nagar Extension is 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 Nanmangalam

The guideline value plays a crucial role in property transactions in Nanmangalam. It is used to determine the stamp duty and registration fees that need to be paid during the registration of property. Buyers and sellers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in the real estate market. It is essential for both parties to understand the implications of the guideline value in their property dealings.

Frequently asked questions

What is the current guideline value of Suseela Nagar Extension?

The current guideline value of Suseela Nagar Extension is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 179 per sq.ft in 2003 to Rs 2,750 per sq.ft in 2024, which is an overall increase of 1,436% over this period.

What is the registration office for Suseela Nagar Extension?

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

How is stamp duty calculated in Suseela Nagar Extension?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500.

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

Other streets in Nanmangalam include S.R, Nagar at Rs 1,960 per sq.ft, Sri Vigneshwara Avenue at Rs 2,750 per sq.ft, and Sri Sumathinath Residency at Rs 2,750 per sq.ft, among others.