Guideline Value for Navachi Street

Navachi Street guideline value

The current guideline value of Navachi Street in Thiruneermalai village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Pammal SRO and is classified as Residential Class I Type - II.

How the guideline value of Navachi Street has changed

The guideline value for Navachi Street has seen significant changes over the years. In 2003, the value was Rs 312 per sq.ft, which increased to Rs 350 per sq.ft in 2007, marking a rise of 12%. The value then surged to Rs 1,340 per sq.ft in 2017, a remarkable increase of 283%. By the 2023 revision, the guideline value reached Rs 2,000 per sq.ft, reflecting a 49% increase from the previous revision. The most recent revision in 2024 raised the value to Rs 2,200 per sq.ft, a 10% increase from 2023. Notably, there are no figures available for the years 2002 and 2012 in the register for this street.

Overall, from 2003 to 2024, the guideline value has increased by 605%, indicating a substantial rise over the two-decade period. The steady increases in the guideline value reflect changes in the local real estate landscape.

Guideline values in Thiruneermalai

In Thiruneermalai, there are 316 streets under the Pammal SRO that carry a 2024 guideline value, ranging from Rs 1,320 to Rs 6,240 per sq.ft. The median guideline value for these streets is Rs 2,420 per sq.ft, placing Navachi Street's 2024 figure below the median.

• Neervannan 1st Street: Rs 2,200 per sq.ft (2024)
• Neervannan 2nd Street: Rs 2,200 per sq.ft (2024)
• Neervannan Street: Rs 2,200 per sq.ft (2024)
• Neervannan Street 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Neervannan Street 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Nehru Street: Rs 2,420 per sq.ft (2024)

Stamp duty and registration fee for property in Navachi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Navachi Street?

The Sub Registrar Office that covers Navachi Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, 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 Thiruneermalai

The guideline value is a critical factor during property registration in Thiruneermalai. It serves as a benchmark for determining the stamp duty and registration fees owed when a property is sold or purchased. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations and to accurately calculate the associated costs.

When a property is registered, the guideline value is compared with the sale price. The higher of the two values is used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue based on the property's value as determined by the guideline value.

Frequently asked questions

What is the current guideline value of Navachi Street?

The current guideline value of Navachi Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 312 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 605% over the period.

What are the other streets in Thiruneermalai with similar guideline values?

Other streets in Thiruneermalai with a guideline value of Rs 2,200 per sq.ft include Neervannan 1st Street, Neervannan 2nd Street, Neervannan Street, Neervannan Street 1st Cross Street, and Neervannan Street 2nd Cross Street.

What is the stamp duty rate for properties in Navachi Street?

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

Where is the Sub Registrar Office for Navachi Street located?

The Sub Registrar Office for Navachi Street is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.