Guideline Value for Naidu 2nd Street

Naidu 2nd Street guideline value

The current guideline value of Naidu 2nd Street is Rs 6,100 per sq.ft, effective from 1 July 2024. This street is located in Adayar village under the Adayar SRO, classified as Residential Class II Type - I.

How the guideline value of Naidu 2nd Street has changed

Over the years, the guideline value for Naidu 2nd Street has seen several revisions. The 2007 revision set the value at Rs 2,500 per sq.ft, which increased significantly to Rs 5,500 per sq.ft in 2012, marking a 120% increase. However, from 2012 to 2017, the value decreased to Rs 3,685 per sq.ft, a decline of 33%. The 2017 revision brought the value back up to Rs 5,500 per sq.ft in 2023, which was a 49% increase. The most recent revision in 2024 set the value at Rs 6,100 per sq.ft, reflecting an 11% increase from the previous year.

The register does not have figures for Naidu 2nd Street for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 144%.

Guideline values in Adayar

Adayar village has 92 streets under the Adayar SRO, with 2024 guideline values ranging from Rs 3,300 to Rs 15,400 per sq.ft. The median value among these streets is Rs 6,100 per sq.ft, which is equal to the guideline value of Naidu 2nd Street.

• Naidu 1st Cross Street: Rs 6,100 per sq.ft (2024)
• Naidu 1st Street: Rs 6,100 per sq.ft (2024)
• Naidu 2nd Cross Street: Rs 6,100 per sq.ft (2024)
• Naidu 3rd Cross Street: Rs 6,100 per sq.ft (2024)
• Naidu 3rd Street: Rs 6,100 per sq.ft (2024)
• Naidu 4th Cross Street: Rs 6,100 per sq.ft (2024)

Stamp duty and registration fee for property in Naidu 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,100 per sq.ft, the total guideline value would be Rs 61,00,000. The stamp duty at 7% would amount to Rs 4,27,000, while the registration fee at 2% would be Rs 1,22,000, bringing the total fees to Rs 5,49,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Naidu 2nd Street?

The Adayar Sub Registrar Office covers Naidu 2nd Street. The office is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Adayar. It is used as a reference point for determining the stamp duty and registration fees that buyers must pay when purchasing property. The registration process requires that these fees be calculated based on the guideline value or the sale price, whichever is higher.

When selling property, the guideline value ensures that the transaction is recorded accurately and that the appropriate taxes are paid. This helps maintain transparency in the real estate market and ensures compliance with local regulations.

Frequently asked questions

What is the current guideline value of Naidu 2nd Street?

The current guideline value of Naidu 2nd Street is Rs 6,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 2,500 per sq.ft in 2007 to Rs 6,100 per sq.ft in 2024, reflecting an overall increase of 144% over the years.

What are the stamp duty and registration fees for property in Naidu 2nd Street?

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the total fees would amount to Rs 5,49,000.

Which Sub Registrar Office covers Naidu 2nd Street?

The Adayar Sub Registrar Office covers Naidu 2nd Street, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

What is the land classification of Naidu 2nd Street?

Naidu 2nd Street is classified as Residential Class II Type - I, which is relevant for property transactions and regulations in the area.