Guideline Value for Nethaji 2nd Street

Nethaji 2nd Street guideline value

The current guideline value of Nethaji 2nd Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Chembakkam village, under the Selaiyur SRO, and is classified as Residential Class I Type - III.

How the guideline value of Nethaji 2nd Street has changed

The guideline value for Nethaji 2nd Street has undergone several revisions over the years. In 2012, the value was Rs 2,500 per sq.ft, which decreased to Rs 1,675 per sq.ft in 2017. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value to Rs 2,500 per sq.ft. The latest revision in 2024 set the value at Rs 2,700 per sq.ft, marking an 8% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO, with guideline values for 2024 ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value in the village is Rs 2,200 per sq.ft, which means Nethaji 2nd Street's 2024 figure of Rs 2,700 per sq.ft is above that median.

• Nethaji 2nd Cross Street: Rs 2,700 per sq.ft (2024)
• Nethaji 1st Street: Rs 2,700 per sq.ft (2024)
• Nethaji Ist Cross Street: Rs 2,700 per sq.ft (2024)
• Nesamani Nagar 1st Street: Rs 3,800 per sq.ft (2024)
• Nesamani Nagar: Rs 3,800 per sq.ft (2024)
• Nethaji Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Nethaji 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total cost for these fees to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Nethaji 2nd Street?

The Sub Registrar Office that covers Nethaji 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 further assistance.

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

The guideline value is a crucial factor in property transactions in Chembakkam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during the registration process.

When a property is sold, 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 appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Nethaji 2nd Street?

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

How much has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,700 per sq.ft in 2024.

What is the land classification for Nethaji 2nd Street?

Nethaji 2nd Street is classified as Residential Class I Type - III.

What are the stamp duty and registration fees for property in Nethaji 2nd Street?

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

Which office handles registrations for Nethaji 2nd Street?

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