Guideline Value for NETHAJI STREET

Nethaji Street guideline value

The current guideline value of Nethaji Street in Ramapuram village, under the Chennai South Joint II SRO, is Rs 3,100 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Nethaji Street has changed

The guideline value for Nethaji Street has undergone several revisions over the years. The earliest recorded revision was in 2003, with a guideline value of Rs 432 per sq.ft. This increased significantly to Rs 1,100 per sq.ft in 2007, marking a 155% rise. By 2012, the value was revised to Rs 2,800 per sq.ft, reflecting another increase of 155%. However, the value then dropped by 33% to Rs 1,876 per sq.ft in 2017. The 2023 revision saw a substantial increase to Rs 2,800 per sq.ft, and the most recent revision in 2024 has set the value at Rs 3,100 per sq.ft, which is an increase of 11% from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 618%. It is important to note that the register has no figure for Nethaji Street for the year 2002.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value for these streets is Rs 3,100 per sq.ft, which is equal to the 2024 guideline value for Nethaji Street.

• Nethaji Nagar Main Road: Rs 3,100 per sq.ft (2024)
• Nethaji Nagar 2nd Street: Rs 3,100 per sq.ft (2024)
• Nethaji Nagar 2nd Lane: Rs 3,100 per sq.ft (2024)
• Nethaji Nagar 1st Street: Rs 3,100 per sq.ft (2024)
• Nethaji Nagar: Rs 3,100 per sq.ft (2024)
• Nehru Street: Rs 4,400 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 of Rs 3,100 per sq.ft, the guideline value amounts to Rs 31,00,000. The stamp duty at 7% would be Rs 2,17,000, and the registration fee at 2% would be Rs 62,000, totaling Rs 2,79,000. It is important to note that 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 II 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 additional information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Ramapuram. It serves as a benchmark for calculating the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Nethaji Street?

The current guideline value of Nethaji Street is Rs 3,100 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly over the years, from Rs 432 per sq.ft in 2003 to Rs 3,100 per sq.ft in 2024, marking an overall increase of 618%.

What are the stamp duty and registration fees for properties on Nethaji Street?

For a property valued at Rs 31,00,000, the total stamp duty and registration fees would be Rs 2,79,000, which includes a stamp duty of Rs 2,17,000 and a registration fee of Rs 62,000.

Which Sub Registrar Office covers Nethaji Street?

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

What is the land classification of Nethaji Street?

Nethaji Street is classified as Residential Class II Type - I, indicating its designation for residential use.