Guideline Value for NETHAJI NAGAR (MADANAKUPPAM)

Nethaji Nagar (Madanakuppam) guideline value

The current guideline value of Nethaji Nagar (Madanakuppam) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Korattur village and falls under the Villivakkam SRO, classified as Residential Class IV Type - I.

How the guideline value of Nethaji Nagar (Madanakuppam) has changed

Over the years, the guideline value for Nethaji Nagar (Madanakuppam) has seen several revisions. The 2012 revision set the rate at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in 2017. Following this, the value increased to Rs 1,200 per sq.ft in 2023, and currently stands at Rs 1,300 per sq.ft as of the 2024 revision. The register has no figure for the years 2002, 2003, and 2007.

In terms of percentage changes, the guideline value increased by 8% from 2023 to 2024, and significantly rose by 49% from 2017 to 2023. However, there was a decrease of 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value in this area is Rs 2,500 per sq.ft, placing Nethaji Nagar (Madanakuppam)'s 2024 figure below that median.

• Nethaji Nagar (S.No.213): Rs 1,600 per sq.ft (2024)
• NETHAJI NAGAR (S.NO.647, 654) (Kallikuppam): Rs 1,600 per sq.ft (2024)
• Nethaji Nagar (S.S.Garden): Rs 2,900 per sq.ft (2024)
• National High Ways Road: Rs 2,900 per sq.ft (2024)
• North Pillayar Koil 3rd Cross Street: Rs 2,100 per sq.ft (2024)
• North Railway Station Road Chennai - 76: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Nethaji Nagar (Madanakuppam)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Nethaji Nagar (Madanakuppam)?

The Sub Registrar Office that covers Nethaji Nagar (Madanakuppam) is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is an essential factor when registering property transactions in Korattur. This value is used to determine the stamp duty and registration fees that need to be paid during the buying or selling process.

When a property is sold, the guideline value serves as a benchmark to ensure that the transaction is recorded accurately. It is crucial for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Nethaji Nagar (Madanakuppam)?

The current guideline value of Nethaji Nagar (Madanakuppam) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, moving from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What are the stamp duty and registration fees for property in Nethaji Nagar?

For a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 91,000, and the registration fee would be Rs 26,000, totaling Rs 1,17,000.

Which Sub Registrar Office is responsible for Nethaji Nagar?

The Villivakkam Sub Registrar Office is responsible for Nethaji Nagar (Madanakuppam), located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification of Nethaji Nagar?

Nethaji Nagar (Madanakuppam) is classified as Residential Class IV Type - I under the current guideline value register.