Guideline Value for Najeeb Avenue

Najeeb Avenue guideline value

The current guideline value of Najeeb Avenue is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village under the Tambaram Joint 1 SRO, classified as Residential Class I Type - III.

How the guideline value of Najeeb Avenue has changed

The guideline value for Najeeb Avenue has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 1,500 per sq.ft in 2023, and then to Rs 1,650 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49% in the guideline value. However, the value decreased by 33% from 2012 to 2017. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value is Rs 1,650 per sq.ft, which is equal to the current guideline value of Najeeb Avenue.

• Najeeb Avenue 2nd Street: Rs 1,650 per sq.ft (2024)
• Najeeb Avenue 3rd Street: Rs 1,650 per sq.ft (2024)
• Najeeb Avenue 4th Street: Rs 1,650 per sq.ft (2024)
• Nakkiran Street: Rs 1,100 per sq.ft (2024)
• M.Varadharasan Nagar Extension Part: Rs 1,650 per sq.ft (2024)
• Muthuvel Nagar: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Najeeb Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. 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 Najeeb Avenue?

The Najeeb Avenue is covered by the Tambaram Joint 1 Sub Registrar Office, located at No.26, mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone.

You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration of property transactions in Chitlapakkam. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold.

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

Frequently asked questions

What is the current guideline value of Najeeb Avenue?

The current guideline value of Najeeb Avenue is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for Najeeb Avenue?

Najeeb Avenue is classified as Residential Class I Type - III, indicating its suitability for residential development.

What are the stamp duty rates for properties in Najeeb Avenue?

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

Where can I find more information about the Sub Registrar Office?

The Tambaram Joint 1 Sub Registrar Office covers Najeeb Avenue, located at No.26, mes Road, East Tambaram, Chennai-600059. You can find more information through the provided link.