Guideline Value for NETAJI STREET

Netaji Street guideline value

The current guideline value of Netaji Street in Okkiyamthuraipakkam village, under the Neelankarai SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Netaji Street has changed

The guideline value for Netaji Street has undergone several revisions over the years. In 2003, the guideline value was Rs 161 per sq.ft. This increased significantly to Rs 1,161 per sq.ft in 2007, marking a rise of 621%. The value then jumped to Rs 3,000 per sq.ft in 2012, an increase of 158%. However, it decreased to Rs 2,010 per sq.ft in 2017, reflecting a decline of 33%. By 2023, the value rose again to Rs 3,000 per sq.ft, and the most recent revision in 2024 set it at Rs 3,300 per sq.ft, a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by an impressive 1950%. It is important to note that the register has no figure for this street for the year 2002.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values for 2024 ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, which matches the current value of Netaji Street.

• Nethaji Nagar 1st Cross Street: Rs 2,800 per sq.ft (2024)
• Nethaji Nagar 2nd Cross Street: Rs 2,800 per sq.ft (2024)
• Nethaji Nagar 3rd Cross Street: Rs 2,800 per sq.ft (2024)
• Nethaji Nagar Main Road: Rs 3,300 per sq.ft (2024)
• Nehru Nagar Road: Rs 4,400 per sq.ft (2024)
• Nehru Nagar Main Road: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Netaji Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value would be Rs 33,00,000. The stamp duty, charged at 7%, would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, these fees would total Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Netaji Street?

The Sub Registrar Office that covers Netaji Street 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 Okkiyamthuraipakkam

The guideline value plays a crucial role during the registration of property transactions in Okkiyamthuraipakkam. It serves as a benchmark for determining the minimum value for which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring that the transaction reflects the true value of the property.

Frequently asked questions

What is the current guideline value of Netaji Street?

The current guideline value of Netaji Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 161 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 1950% over this period.

What is the land classification for Netaji Street?

Netaji Street is classified as Residential Class II Type - I, which indicates its intended use for residential purposes.

What other streets are in Okkiyamthuraipakkam?

Other streets in Okkiyamthuraipakkam include Nethaji Nagar 1st Cross Street, Nethaji Nagar 2nd Cross Street, Nethaji Nagar 3rd Cross Street, Nethaji Nagar Main Road, Nehru Nagar Road, and Nehru Nagar Main Road, each with varying guideline values.

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

The Sub Registrar Office for Netaji Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.