Guideline Value for NETHAJI NAGAR /STREETS

Nethaji Nagar /Streets guideline value

The current guideline value of Nethaji Nagar /Streets is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Thiruvottiyur village, under the Thiruvottiyur SRO, and is classified as Residential Special Type - I.

How the guideline value of Nethaji Nagar /Streets has changed

Over the years, the guideline value for Nethaji Nagar /Streets has seen several revisions. The 2007 revision set the value at Rs 500 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012, marking a 500% rise. However, in the 2017 revision, the value dropped to Rs 2,010 per sq.ft, a decrease of 33%. This was followed by a substantial increase to Rs 3,000 per sq.ft in 2023, and finally, the current value of Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

From 2017 to 2023, the guideline value rose by 49%, and overall, from 2007 to 2024, it has increased by 560%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Thiruvottiyur

In Thiruvottiyur village, there are 177 streets under the Thiruvottiyur SRO that carry a 2024 guideline value, ranging from Rs 1,300 to Rs 8,600 per sq.ft. The median value is Rs 3,300 per sq.ft, which is equal to the current guideline value of Nethaji Nagar /Streets.

• Nellikkaran Street: Rs 3,300 per sq.ft (2024)
• Nehru Nagar: Rs 1,500 per sq.ft (2024)
• North Mada Street: Rs 3,700 per sq.ft (2024)
• North Railway Station Road: Rs 3,300 per sq.ft (2024)
• Nataraja Gramani Thottam Street: Rs 3,300 per sq.ft (2024)
• Nandi Odai Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Nethaji Nagar /Streets

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, making the total cost Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nethaji Nagar /Streets?

The Sub Registrar Office covering Nethaji Nagar /Streets is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Thiruvottiyur. It determines the minimum value at which properties 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 serves as a benchmark for pricing. Buyers and sellers must consider this value to understand the financial obligations involved in the transaction, including stamp duty and registration fees.

Frequently asked questions

What is the current guideline value of Nethaji Nagar /Streets?

The current guideline value of Nethaji Nagar /Streets 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 500 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 560% over the years.

What are the other streets in Thiruvottiyur with similar guideline values?

Other streets in Thiruvottiyur with similar guideline values include Nellikkaran Street and North Railway Station Road, both at Rs 3,300 per sq.ft in 2024.

How is stamp duty calculated for properties in Nethaji Nagar /Streets?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000.

Which office should I visit for property registration in Nethaji Nagar /Streets?

The Thiruvottiyur Sub Registrar Office is responsible for property registration in Nethaji Nagar /Streets, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.