Guideline Value for Naval Hospital 1st lane

Naval Hospital 1st lane guideline value

The current guideline value of Naval Hospital 1st lane is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Vepery village under the Periamet SRO and is classified as Residential Class III Type - III.

How the guideline value of Naval Hospital 1st lane has changed

The guideline value for Naval Hospital 1st lane has seen several revisions over the years. In 2007, the guideline value was Rs 600 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012, marking a 400% rise. However, this value decreased to Rs 2,010 per sq.ft in 2017, showing a decline of 33%. The value then rose to Rs 3,000 per sq.ft in 2023, and currently stands at Rs 3,300 per sq.ft as of the 2024 revision, reflecting a 10% increase from the previous year. There are no figures available for the years 2002 and 2003 for this street.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 4,800 per sq.ft, indicating that the guideline value for Naval Hospital 1st lane is below this median.

• Naval Hospital 19th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 20th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 18th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 2nd lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 17th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 3th lane: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Naval Hospital 1st lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. Please 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 Naval Hospital 1st lane?

The Sub Registrar Office that covers Naval Hospital 1st lane is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Vepery. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the registration office uses the guideline value to calculate the applicable duties, ensuring that both the buyer and seller are aware of the financial obligations involved. It is essential to understand that the guideline value may differ from the actual sale price, but the higher of the two will be used for duty calculations.

Frequently asked questions

What is the current guideline value of Naval Hospital 1st lane?

The current guideline value of Naval Hospital 1st lane is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 600 per sq.ft to Rs 3,300 per sq.ft as of 2024, marking an overall increase of 450%.

What is the land classification for Naval Hospital 1st lane?

Naval Hospital 1st lane is classified as Residential Class III Type - III.

Where can I find the Periamet Sub Registrar Office?

The Periamet Sub Registrar Office is located at 1103, Poonamallee High Road, Chennai-600 003.

How is stamp duty calculated for properties in Naval Hospital 1st lane?

Stamp duty is calculated on the higher of the guideline value or the sale price. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at 7%.