Guideline Value for Naval Hospital 16th lane

Naval Hospital 16th lane guideline value

The current guideline value for Naval Hospital 16th 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 16th lane has changed

The guideline value for Naval Hospital 16th lane has undergone several revisions over the years. Starting from the 2007 revision, the guideline value was Rs 600 per sq.ft, which saw a significant increase of 400% to Rs 3,000 per sq.ft in 2012. However, the value then dropped by 33% to Rs 2,010 per sq.ft in the 2017 revision. The 2023 revision marked a substantial rise of 49%, bringing the value to Rs 3,000 per sq.ft, followed by a further increase of 10% in the 2024 revision, reaching the current rate of Rs 3,300 per sq.ft.

It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 450%.

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 16th lane is below this median.

• Naval Hospital 15th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 17th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 14th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 18th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 13th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 19th lane: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Naval Hospital 16th lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost 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 16th lane?

The Sub Registrar Office that covers Naval Hospital 16th lane is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when registering a property in Vepery. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When buying or selling property, it is essential to be aware of the current guideline value, as it influences the overall cost involved in the transaction. Ensuring that the property is registered at the correct guideline value helps in maintaining transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value for Naval Hospital 16th lane?

The current guideline value for Naval Hospital 16th 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 significantly, increasing from Rs 600 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 450% over this period.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office should I contact for transactions in Naval Hospital 16th lane?

The relevant Sub Registrar Office for Naval Hospital 16th lane is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

What is the land classification for Naval Hospital 16th lane?

The land classification for Naval Hospital 16th lane is Residential Class III Type - III, indicating its suitability for residential development.