Guideline Value for vallMigi Street (Nilamangai Nagar)

vallMigi Street (Nilamangai Nagar) guideline value

The current guideline value of vallMigi Street (Nilamangai Nagar) is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village and falls under the Alandur SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of vallMigi Street (Nilamangai Nagar) has changed

The guideline value for vallMigi Street (Nilamangai Nagar) has seen several revisions over the years. In 2012, the value was Rs 3,500 per sq.ft, which decreased to Rs 2,345 per sq.ft in 2017. Following this, the value increased significantly to Rs 3,500 per sq.ft in 2023, and then further rose to Rs 3,900 per sq.ft in 2024, marking an 11% increase from the previous year.

From 2017 to 2023, the value rose by 49%, while the overall change from 2012 to 2024 shows a net increase of 11%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that have a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median guideline value is Rs 3,900 per sq.ft, which is the same as the current value for vallMigi Street (Nilamangai Nagar).

• Valluvar Street: Rs 3,900 per sq.ft (2024)
• ValMeegi Street Kundrakudi Nagar: Rs 3,900 per sq.ft (2024)
• Vallalar Street (Nilamangai Nagar): Rs 3,900 per sq.ft (2024)
• Vanjinathan Street (Nilamangai Nagar): Rs 3,900 per sq.ft (2024)
• Vanuvampet - Pazhandiyamman Koil Street: Rs 3,900 per sq.ft (2024)
• Vanuvam Pettai 2nd Lane: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in vallMigi Street (Nilamangai Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total to Rs 3,51,000. 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 more details.

Which Sub Registrar Office covers vallMigi Street (Nilamangai Nagar)?

The Sub Registrar Office that covers vallMigi Street (Nilamangai Nagar) is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Adambakkam. It serves as a reference point for determining the stamp duty and registration fees applicable during the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations and to accurately calculate the costs involved in the property transfer.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the correct revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of vallMigi Street (Nilamangai Nagar)?

The current guideline value of vallMigi Street (Nilamangai Nagar) is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, then to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,900 per sq.ft in 2024.

What is the land classification for vallMigi Street (Nilamangai Nagar)?

The land classification for vallMigi Street (Nilamangai Nagar) is Residential Class I Type - III.

Where can I find the registration office for vallMigi Street (Nilamangai Nagar)?

The registration office for vallMigi Street (Nilamangai Nagar) is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is stamp duty calculated for properties in Adambakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 39,00,000, the stamp duty would be calculated at 7% of that amount.