Guideline Value for NETHAJI STREET

Nethaji Street guideline value

The current guideline value of Nethaji Street in Pallikaranai village is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - I.

How the guideline value of Nethaji Street has changed

The guideline value for Nethaji Street has undergone several revisions over the years. In 2002, the guideline value was Rs 67 per sq.ft, which increased to Rs 100 per sq.ft in 2003. Following this, the value saw significant increases, reaching Rs 400 per sq.ft in 2007 and Rs 1,500 per sq.ft in 2012. However, it decreased to Rs 1,005 per sq.ft in 2017. The value then rose to Rs 1,500 per sq.ft in 2023 before the latest revision to Rs 1,650 per sq.ft in 2024.

Between the revisions, notable changes include a 10% increase from 2023 to 2024, a 49% increase from 2017 to 2023, and a 275% increase from 2007 to 2012. The overall increase from 2002 to 2024 is 2363%. The register has no figure for this street for the years not mentioned.

Guideline values in Pallikaranai

In Pallikaranai, there are 749 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, which is equal to the current value for Nethaji Street.

• New Balaji Nagar: Rs 1,320 per sq.ft (2024)
• New Colony: Rs 2,200 per sq.ft (2024)
• New Colony 1st Street: Rs 2,200 per sq.ft (2024)
• New Colony Cross St.: Rs 2,200 per sq.ft (2024)
• New Dass School: Rs 1,320 per sq.ft (2024)
• Nehru 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 rate, the guideline value is Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making the total Rs 1,48,500. 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 detailed calculations.

Which Sub Registrar Office covers Nethaji Street?

Nethaji Street is covered by 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 Pallikaranai

The guideline value is an important factor during property registration in Pallikaranai. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the applicable duties. This ensures that the government receives the correct revenue based on the established value of the property, which is crucial for maintaining transparency in real estate transactions.

Frequently asked questions

What is the current guideline value of Nethaji Street?

The current guideline value of Nethaji Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 67 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, with various revisions in between, including a decrease in 2017 and increases in subsequent years.

What is the land classification for Nethaji Street?

Nethaji Street is classified as Residential Class IV Type - I under the Chennai South Joint I SRO.

What are the stamp duty rates for property transactions?

The stamp duty is charged at 7% of the guideline value or the sale price, whichever is higher. Additionally, there is a registration fee of 2%.

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

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