Guideline Value for Naidu 2nd lane

Naidu 2nd lane guideline value

The current guideline value of Naidu 2nd lane in Ramapuram village is Rs 3,100 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - I.

How the guideline value of Naidu 2nd lane has changed

Over the years, the guideline value for Naidu 2nd lane has seen several revisions. The most recent revision in 2024 set the guideline value at Rs 3,100 per sq.ft, an increase from the 2023 revision of Rs 2,800 per sq.ft, marking an 11% rise. Looking back further, the 2017 revision recorded a value of Rs 1,876 per sq.ft, which means there was a significant increase of 49% from 2017 to 2023. The 2012 revision also recorded a value of Rs 2,800 per sq.ft, showing a decrease of 33% from 2012 to 2017.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 11%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street in the register.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that have 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 the same as the guideline value for Naidu 2nd lane.

• Naidu Street (A) Palaiyakarath Street: Rs 3,100 per sq.ft (2024)
• Narashimha Perumal Koil Street And Cross Street: Rs 2,750 per sq.ft (2024)
• Narasimhan Nagar: Rs 1,950 per sq.ft (2024)
• Muthukrishna Main Road: Rs 2,750 per sq.ft (2024)
• Natarajan Salai: Rs 1,950 per sq.ft (2024)
• Natarajan Street: Rs 1,950 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,100 per sq.ft, the total guideline value would be Rs 31,00,000. The stamp duty at 7% would amount to Rs 2,17,000, and the registration fee at 2% would be Rs 62,000, bringing the total fees together to Rs 2,79,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Naidu 2nd lane?

The Sub Registrar Office that covers Naidu 2nd lane 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 more information.

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

The guideline value is a crucial factor when registering property transactions in Ramapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps in calculating the applicable fees and taxes based on the registered value. Thus, it is essential for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

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

The current guideline value of Naidu 2nd lane is Rs 3,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2023 to Rs 3,100 per sq.ft in 2024, an increase of 11%. It was Rs 1,876 per sq.ft in 2017, showing a 49% increase to 2023.

What is the land classification of Naidu 2nd lane?

Naidu 2nd lane is classified as Residential Class II Type - I.

Where can I find the Sub Registrar Office for Naidu 2nd lane?

The Sub Registrar Office for Naidu 2nd lane 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.

How is the stamp duty calculated for properties in Naidu 2nd lane?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For a property valued at Rs 31,00,000, the stamp duty would be Rs 2,17,000 at 7%.