Guideline Value for Mathiazhagan Nagar - Nethaji Street

Mathiazhagan Nagar - Nethaji Street guideline value

The current guideline value for Mathiazhagan Nagar - Nethaji Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Mathiazhagan Nagar - Nethaji Street has changed

The guideline value for Mathiazhagan Nagar - Nethaji Street has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 550 per sq.ft. This increased to Rs 601 per sq.ft in 2003, marking a 9% rise. The value then saw a significant increase of 41% to Rs 850 per sq.ft in 2007, followed by a remarkable 253% jump to Rs 3,000 per sq.ft in 2012. However, there was a decline of 33% in the 2017 revision, bringing the value down to Rs 2,010 per sq.ft. The value increased by 49% to Rs 3,000 per sq.ft in 2023, and finally, it rose by 10% to the current value of Rs 3,300 per sq.ft in 2024.

It is important to note that there are no figures available for the revisions in years not listed above for this street.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, making the current value for Mathiazhagan Nagar - Nethaji Street below that median.

• Mathiazhagan Nagar - Ma.Po.Si. Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Nagar - N.S.K. Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Nagar - K.V.Sami Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Nagar - Pammal Nalla Thambi Street: Rs 3,300 per sq.ft (2024)
• Mathiazhagan Nagar - K.K.Salai: Rs 3,850 per sq.ft (2024)
• Mathiazhagan Nagar - Purushothaman Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Mathiazhagan Nagar - Nethaji Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration fee would be Rs 2,97,000. It is important to note that 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 Mathiazhagan Nagar - Nethaji Street?

The Sub Registrar Office that covers Mathiazhagan Nagar - Nethaji Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Saligramam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When a property transaction occurs, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the transaction is recorded accurately and that the government receives its due revenue from property sales.

Frequently asked questions

What is the current guideline value for Mathiazhagan Nagar - Nethaji Street?

The current guideline value for Mathiazhagan Nagar - Nethaji Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 550 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 500% over this period.

What is the land classification for this street?

The land classification for Mathiazhagan Nagar - Nethaji Street is Residential Class III Type - I.

Where can I find the registration office for Mathiazhagan Nagar - Nethaji Street?

The registration office for Mathiazhagan Nagar - Nethaji Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the total stamp duty and registration fees would amount to Rs 2,97,000.