Guideline Value for NATESAN STREET

Natesan Street guideline value

The current guideline value of Natesan Street is Rs 1,870 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Natesan Street has changed

The guideline value for Natesan Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,700 per sq.ft, which was then reduced to Rs 1,139 per sq.ft in 2017. Following this, the 2023 revision increased the value to Rs 1,700 per sq.ft, and the most recent revision in 2024 has raised it further to Rs 1,870 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

In terms of percentage changes, the value increased by 49% from 2017 to 2023, followed by a 10% increase from 2023 to 2024. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Medavakkam

Medavakkam has a total of 379 streets under the Chennai South Joint I SRO, with guideline values for 2024 ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, indicating that Natesan Street's 2024 guideline value of Rs 1,870 per sq.ft is below the median.

• Nayagam Street: Rs 1,870 per sq.ft (2024)
• Neela Nagar 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Neela Nagar 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Neela Nagar 3rd Cross Street: Rs 2,750 per sq.ft (2024)
• Neela Nagar Extension: Rs 2,750 per sq.ft (2024)
• Neela Nagar Main Road: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Natesan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,870 per sq.ft, the total guideline value would be Rs 18,70,000. The stamp duty at 7% would amount to Rs 1,30,900, while the registration fee at 2% would be Rs 37,400. Therefore, the total cost for these fees together would be Rs 1,68,300. 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 Natesan Street?

The Sub Registrar Office that covers Natesan Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Medavakkam. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid during the registration process.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the overall cost of the transaction. The guideline value is updated periodically, reflecting changes in the real estate market and local regulations.

Frequently asked questions

What is the current guideline value of Natesan Street?

The current guideline value of Natesan Street is Rs 1,870 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,700 per sq.ft in 2012 to Rs 1,139 per sq.ft in 2017, then back to Rs 1,700 per sq.ft in 2023, and finally to Rs 1,870 per sq.ft in 2024.

What is the land classification for Natesan Street?

Natesan Street is classified as Residential Class III Type - I.

What are the guideline values for other streets in Medavakkam?

Other streets in Medavakkam have varying guideline values, with rates ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft.

Where can I find the Sub Registrar Office for Natesan Street?

The Sub Registrar Office for Natesan Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.