Guideline Value for NETHAJI STREET

Nethaji Street guideline value

The current guideline value of Nethaji Street in Mambalam village, under the Thiyagaraya nagar SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III 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 632 per sq.ft, which increased to Rs 1,100 per sq.ft in 2003, marking a change of +74%. The next revision in 2007 saw a significant increase to Rs 2,000 per sq.ft (+82%). In 2012, the value changed to Rs 5,000 per sq.ft, which was a decrease of -33% from the previous revision. The 2017 revision brought the value up to Rs 3,350 per sq.ft, representing a +49% increase. In 2023, the value was set at Rs 5,000 per sq.ft, and the most recent revision in 2024 increased it to Rs 5,500 per sq.ft (+10%). There are no figures available for the years not mentioned in this timeline.

Guideline values in Mambalam

In Mambalam, there are 163 streets under the Thiyagaraya nagar SRO, with guideline values for 2024 ranging from Rs 4,400 to Rs 22,000 per sq.ft. The median value is Rs 6,600 per sq.ft, indicating that Nethaji Street's current guideline value is below this median.

• NEW STREET (School): Rs 7,700 per sq.ft (2024)
• Old Mambalam Road: Rs 8,800 per sq.ft (2024)
• Narasimhan Street: Rs 6,600 per sq.ft (2024)
• Nandhi Loop Road: Rs 7,700 per sq.ft (2024)
• Ottakuthar Street: Rs 5,500 per sq.ft (2024)
• Padavattamman Koil 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 5,500 per sq.ft, the total guideline value is Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees to Rs 4,95,000. 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 Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Mambalam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on a standardized valuation rather than the negotiated sale price. This process helps maintain consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Nethaji Street?

The current guideline value of Nethaji Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 632 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of +770% over the years.

What is the land classification for Nethaji Street?

Nethaji Street is classified as Residential Class III Type - I, which indicates the type of development and usage permitted in this area.

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

The Sub Registrar Office for Nethaji Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35.

How do stamp duty and registration fees work in Mambalam?

Stamp duty and registration fees in Mambalam are calculated based on the guideline value of the property. The duty is charged on the higher of the guideline value or the sale price, ensuring that the fees are aligned with the property's assessed value.