Guideline Value for NETHAJI STREET

Nethaji Street guideline value

The current guideline value of Nethaji Street in Arumbakkam village, under the Kodambakkam SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This classification falls under Residential Class V 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 value was Rs 414 per sq.ft, which increased to Rs 456 per sq.ft in 2003, marking a 10% rise. The value saw a significant jump to Rs 700 per sq.ft in 2007, reflecting an increase of 54%. Following this, the value surged to Rs 3,000 per sq.ft in 2012, a remarkable growth of 329%. However, it then dropped to Rs 2,010 per sq.ft in 2017, showing a decrease of 33%. The value was raised again to Rs 3,000 per sq.ft in 2023, and the latest revision in 2024 set it at Rs 3,300 per sq.ft, an increase of 10% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 697%. There are no figures available for the revisions in any other years for this street.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median guideline value for these streets is Rs 6,000 per sq.ft, indicating that Nethaji Street's current value is below this median.

• Nehru Street Ist Lane: Rs 4,400 per sq.ft (2024)
• Nehru Street: Rs 5,000 per sq.ft (2024)
• New Natarajapuram Street: Rs 5,000 per sq.ft (2024)
• New Street, Sri Sakthi Nagar: Rs 6,000 per sq.ft (2024)
• Nehru Nagar: Rs 4,400 per sq.ft (2024)
• N.S.K. Nagar 10 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 guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be 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 detailed calculations.

Which Sub Registrar Office covers Nethaji Street?

The Sub Registrar Office that covers Nethaji Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process of property transactions. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value is compared with the sale price, and the higher of the two is used for calculating the applicable duties. This ensures that all transactions are conducted transparently and in accordance with the law.

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 414 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 697% over the years.

What is the stamp duty rate for properties in Nethaji Street?

The stamp duty rate for properties in Nethaji Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Nethaji Street located?

The Sub Registrar Office for Nethaji Street is located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

What are the guideline values of other streets in Arumbakkam?

Other streets in Arumbakkam have varying guideline values, with rates ranging from Rs 3,300 to Rs 16,500 per sq.ft. For example, Nehru Street Ist Lane has a guideline value of Rs 4,400 per sq.ft in 2024.