Guideline Value for Naval Hospital Road

Naval Hospital Road guideline value

The current guideline value of Naval Hospital Road is Rs 6,000 per sq.ft, effective from 1 July 2024. This road is located in Vepery village, under the Periamet SRO, and is classified as Residential Class II Type - I.

How the guideline value of Naval Hospital Road has changed

The guideline value for Naval Hospital Road has seen significant changes over the years. In the 2007 revision, the value was Rs 1,200 per sq.ft. This increased dramatically to Rs 5,500 per sq.ft in the 2012 revision, marking a rise of 358%. However, in the 2017 revision, the value decreased to Rs 3,685 per sq.ft, a drop of 33%. The value then rose to Rs 5,500 per sq.ft in the 2023 revision, followed by a further increase to Rs 6,000 per sq.ft in the 2024 revision, which is a 9% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 400%. The register does not contain figures 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 value is Rs 4,800 per sq.ft, placing Naval Hospital Road's 2024 figure above this median.

• Naval Hospital 9th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 8th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 7th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 6th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 5th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 4th lane: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Naval Hospital Road

For a 1,000 sq.ft plot at the current rate of Rs 6,000 per sq.ft, the guideline value would be Rs 60,00,000. The stamp duty at 7% would amount to Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, totaling Rs 5,40,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Naval Hospital Road?

The Sub Registrar Office that covers Naval Hospital Road 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 when registering property transactions in Vepery. It serves as a benchmark for calculating the stamp duty and registration fees that need to be paid during the transfer of property ownership.

When buying or selling property, the guideline value helps ensure that both parties are aware of the official valuation of the property, which is essential for legal and financial processes. This value is used to determine the applicable taxes and fees, which are mandatory during registration.

Frequently asked questions

What is the current guideline value of Naval Hospital Road?

The current guideline value of Naval Hospital Road is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has changed significantly, with an increase from Rs 1,200 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, marking an overall increase of 400%.

What is the classification of land on Naval Hospital Road?

Naval Hospital Road is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

Where can I find the Sub Registrar Office for Naval Hospital Road?

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

How is stamp duty calculated for properties in Vepery?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 60,00,000, the stamp duty would be Rs 4,20,000 at a rate of 7%.