Guideline Value for Naval Hospital 14th lane

Naval Hospital 14th lane guideline value

The current guideline value for Naval Hospital 14th 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 14th lane has changed

Over the years, the guideline value for Naval Hospital 14th lane has seen several revisions. The earliest recorded revision is from 2007, where the value was Rs 600 per sq.ft. This figure increased significantly to Rs 3,000 per sq.ft in 2012, representing a 400% increase. However, the value then decreased to Rs 2,010 per sq.ft in 2017, a decline of 33%. The subsequent revision in 2023 brought the value back up to Rs 3,000 per sq.ft, and the latest revision in 2024 sees it at Rs 3,300 per sq.ft, which is a 10% increase from the previous year. The register has no figures for the years 2002 and 2003 for this street.

From 2007 to 2024, the overall increase in the guideline value is 450%. The changes between the revisions are as follows: from 2017 to 2023, there was a significant increase of 49%. The revisions reflect the fluctuations in the property values over the years, with the current value being the highest recorded for this street.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 22,000 per sq.ft, with a median value of Rs 4,800 per sq.ft. The guideline value for Naval Hospital 14th lane is below this median.

• Naval Hospital 13th lane: Rs 3,300 per sq.ft (2024)
• Naval hospital 15th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 12th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 16th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 11th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 17th lane: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Naval Hospital 14th 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. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Naval Hospital 14th lane?

The Sub Registrar Office covering Naval Hospital 14th lane is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more details.

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

The guideline value plays a crucial role when buying or selling property in Vepery. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must be aware of the current guideline value to ensure they comply with the legal requirements during transactions.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two values is used to calculate the applicable duties and fees. This ensures that the government receives the correct amount of revenue based on the property's value as determined by the guideline value register.

Frequently asked questions

What is the current guideline value for Naval Hospital 14th lane?

The current guideline value for Naval Hospital 14th lane is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 450% over the years.

What is the land classification for Naval Hospital 14th lane?

Naval Hospital 14th lane is classified as Residential Class III Type - III.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Naval Hospital 14th lane is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How is the stamp duty calculated for properties in this area?

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