Guideline Value for NAIDU GARDEN

Naidu Garden guideline value

The current guideline value of Naidu Garden, located in Palavakkam village under the Neelankarai SRO, is Rs 3,900 per sq.ft as per the 2024 revision effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Naidu Garden has changed

The guideline value for Naidu Garden has undergone several revisions over the years. In 2002, the guideline value was Rs 219 per sq.ft, which increased to Rs 245 per sq.ft in 2003. Following this, there was a significant rise to Rs 700 per sq.ft in 2007, marking an increase of 186%. The value then jumped to Rs 3,500 per sq.ft in 2012, reflecting a remarkable 400% increase from the previous revision. However, the value decreased to Rs 2,345 per sq.ft in 2017, showing a decline of 33%.

In 2023, the guideline value was set at Rs 3,500 per sq.ft, and it increased to Rs 3,900 per sq.ft in 2024, which is an 11% rise. Overall, from 2002 to 2024, the guideline value has increased by 1,681% in Naidu Garden.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft as of 2024. The median guideline value for these streets is Rs 3,300 per sq.ft, making Naidu Garden's 2024 figure of Rs 3,900 per sq.ft above the median.

• Muthu Mariamman Street: Rs 1,700 per sq.ft (2024)
• Narayana Sami Street: Rs 2,200 per sq.ft (2024)
• Narayanasamy 1st Street: Rs 2,200 per sq.ft (2024)
• Murasolimaran Street: Rs 3,300 per sq.ft (2024)
• Mosque Street: Rs 2,800 per sq.ft (2024)
• M.G.R. Road 6th Cross Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Naidu Garden

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

Which Sub Registrar Office covers Naidu Garden?

The Sub Registrar Office that covers Naidu Garden is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Palavakkam. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees applicable to the transaction. This ensures that both the buyer and seller comply with the legal requirements set by the Registration Department.

At the time of registration, the property is assessed based on the guideline value or the sale price, whichever is higher. This means that if the sale price is lower than the guideline value, the stamp duty and registration fees will be calculated based on the guideline value.

Frequently asked questions

What is the current guideline value of Naidu Garden?

The current guideline value of Naidu Garden is Rs 3,900 per sq.ft as per the 2024 revision effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 219 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of 1,681% over the years.

What is the land classification for Naidu Garden?

Naidu Garden is classified as Residential Class II Type - I, which indicates its designation for residential use.

What are the stamp duty and registration fees for property in Naidu Garden?

The stamp duty is 7% and the registration fee is 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the total fees amount to Rs 3,51,000.

Which office handles registrations for Naidu Garden?

The Neelankarai Sub Registrar Office handles registrations for Naidu Garden, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.