Guideline Value for Natesa Nagar

Natesa Nagar guideline value

The current guideline value of Natesa Nagar is Rs 3,050 per sq.ft, effective from 1 July 2024. This area is located in Maduravoyal village and falls under the Virugambakkam SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Natesa Nagar has changed

The guideline value for Natesa Nagar has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 314 per sq.ft. In 2003, it increased to Rs 344 per sq.ft, which marked a 10% rise. The 2007 revision saw a significant jump to Rs 600 per sq.ft, an increase of 74%. By 2012, the value was Rs 2,750 per sq.ft, reflecting a substantial 358% increase from the previous revision. However, the 2017 revision saw a decrease to Rs 1,842 per sq.ft, which was a decline of 33%.

In 2023, the guideline value rose to Rs 2,750 per sq.ft, and finally, the current value as of 2024 is Rs 3,050 per sq.ft, representing an 11% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 871%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft, with the median being Rs 3,050 per sq.ft. Natesa Nagar's 2024 figure is equal to this median.

• Nagathamman Koil Street: Rs 2,200 per sq.ft (2024)
• Nagathamman Koil Kulakkarai Street: Rs 2,200 per sq.ft (2024)
• Nagathamman Koil Kulakkarai 2nd Street: Rs 2,200 per sq.ft (2024)
• Nagathamman Koil Kulakkarai 1st Street: Rs 2,200 per sq.ft (2024)
• Nethaji Nagar: Rs 3,300 per sq.ft (2024)
• Muthumariamman Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Natesa Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,050 per sq.ft, the total guideline value amounts to Rs 30,50,000. The stamp duty at 7% would be Rs 2,13,500, and the registration fee at 2% would be Rs 61,000, making the total fees together Rs 2,74,500. 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 details.

Which Sub Registrar Office covers Natesa Nagar?

The Sub Registrar Office covering Natesa Nagar is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Maduravoyal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When buying or selling property, the guideline value is used to calculate stamp duty and registration fees, which are mandatory for legal documentation. This ensures that both the buyer and seller adhere to the regulatory requirements set by the state.

Frequently asked questions

What is the current guideline value of Natesa Nagar?

The current guideline value of Natesa Nagar is Rs 3,050 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2002, the guideline value has increased significantly, starting from Rs 314 per sq.ft to the current Rs 3,050 per sq.ft in 2024, marking an overall increase of 871%.

What is the land classification for Natesa Nagar?

Natesa Nagar is classified as Residential Class III Type - I, indicating its designation for residential use.

What are the stamp duty and registration fees for property in Natesa Nagar?

For a 1,000 sq.ft plot, the total guideline value is Rs 30,50,000, leading to a stamp duty of Rs 2,13,500 and a registration fee of Rs 61,000, totaling Rs 2,74,500.

Which office handles property registrations for Natesa Nagar?

The Virugambakkam Sub Registrar Office handles property registrations for Natesa Nagar, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.