Guideline Value for Navaneetham Nagar 2nd Street

Navaneetham Nagar 2nd Street guideline value

The current guideline value of Navaneetham Nagar 2nd Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Chembakkam village and falls under the Selaiyur SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Navaneetham Nagar 2nd Street has changed

The guideline value for Navaneetham Nagar 2nd Street has seen several revisions over the years. The earliest recorded figure is from 2007, where the guideline value was Rs 250 per sq.ft. This increased significantly to Rs 1,600 per sq.ft in 2012, then decreased to Rs 1,072 per sq.ft in 2017. From 2017 to 2023, the value rose sharply to Rs 1,600 per sq.ft, and the most recent revision in 2024 set it at Rs 1,700 per sq.ft. The register has no figure for the years 2002 and 2003.

In summary, the changes between revisions are notable. From 2007 to 2012, there was a substantial increase of 540%. However, the value decreased by 33% from 2012 to 2017. Following this, the guideline value surged by 49% from 2017 to 2023, and then increased by 6% from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 580%.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 6,700 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for Navaneetham Nagar 2nd Street is below this median.

• Navaneetham Nagar 1st Street: Rs 1,700 per sq.ft (2024)
• Navaneetham Nagar 3rd Street: Rs 1,700 per sq.ft (2024)
• Navaneetham Nagar 4th Street: Rs 1,700 per sq.ft (2024)
• Navaneetham Nagar: Rs 1,700 per sq.ft (2024)
• Navaneetham Nagar 5th Street: Rs 1,700 per sq.ft (2024)
• Navaneetham Nagar 6th Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Navaneetham Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total to Rs 1,53,000. 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 further assistance.

Which Sub Registrar Office covers Navaneetham Nagar 2nd Street?

The Sub Registrar Office that covers Navaneetham Nagar 2nd Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, 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 Chembakkam

The guideline value is a crucial factor in the registration process when buying or selling property in Chembakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations and to avoid any legal issues during the transaction.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the current market conditions.

Frequently asked questions

What is the current guideline value of Navaneetham Nagar 2nd Street?

The current guideline value of Navaneetham Nagar 2nd Street is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 1,700 per sq.ft in 2024, representing an overall increase of 580% over the years.

What is the land classification of Navaneetham Nagar 2nd Street?

The land classification for Navaneetham Nagar 2nd Street is Residential Class I Type - II.

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

For a property valued at Rs 17,00,000, the stamp duty would be Rs 1,19,000 and the registration fee would be Rs 34,000, totaling Rs 1,53,000.

Which office handles property registrations in this area?

The Selaiyur Sub Registrar Office handles property registrations for Navaneetham Nagar 2nd Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.