Guideline Value for NETHAJI STREET

Nethaji Street guideline value

The current guideline value of Nethaji Street in Jelandianpettai village is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Commercial Class I Type - III.

How the guideline value of Nethaji Street has changed

Over the years, the guideline value of Nethaji Street has seen several revisions. The earliest recorded figure is from 2012, which was Rs 3,000 per sq.ft. In 2017, the value decreased to Rs 2,010 per sq.ft, marking a decline of 33%. However, this was followed by a significant increase to Rs 3,000 per sq.ft in 2023, and then to Rs 3,300 per sq.ft in 2024, representing a rise of 10% from the previous year.

From 2017 to 2023, there was a notable increase of 49%. Overall, comparing the values from 2012 to 2024, Nethaji Street has experienced a 10% increase. The register has no figures for the years 2002, 2003, and 2007.

Guideline values in Jelandianpettai

In Jelandianpettai, there are 248 streets under the Chennai South Joint I SRO that carry a guideline value for 2024, ranging from Rs 1,320 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, placing Nethaji Street's 2024 figure above that median.

• Nesavallar Nagar /Kamarajar Street: Rs 1,870 per sq.ft (2024)
• Nesavalar Nagar -West Street: Rs 1,320 per sq.ft (2024)
• Nesavalar Nagar V.O.C Street: Rs 1,320 per sq.ft (2024)
• Nesavalar Nagar- Mgr Street: Rs 1,320 per sq.ft (2024)
• Nehru Street: Rs 1,650 per sq.ft (2024)
• Pachaiamman Koil Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Nethaji Street

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, bringing the total to 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Nethaji Street?

The Sub Registrar Office that covers Nethaji 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 Jelandianpettai

The guideline value is a critical factor in property transactions in Jelandianpettai, as it determines the minimum price at which a property can be registered. When buying or selling a property, the guideline value ensures that the transaction is recorded at a fair price, preventing undervaluation.

During the registration process, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Nethaji Street?

The current guideline value of Nethaji Street 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 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, a 10% increase. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012.

What is the land classification of Nethaji Street?

Nethaji Street is classified as Commercial Class I Type - III, indicating its commercial significance within the area.

What are the guideline values of other streets in Jelandianpettai?

Other streets in Jelandianpettai have varying guideline values, ranging from Rs 1,320 to Rs 7,500 per sq.ft. For instance, Nesavallar Nagar /Kamarajar Street is valued at Rs 1,870 per sq.ft in 2024.

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

The Sub Registrar Office for Nethaji 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.