Guideline Value for Nethaji Nagar 1st Cross Street

Nethaji Nagar 1st Cross Street guideline value

The current guideline value of Nethaji Nagar 1st Cross Street is Rs 2,380 per sq.ft, effective from 1 July 2024. This street is located in Hastinapuram village under the Pallavaram SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of Nethaji Nagar 1st Cross Street has changed

The guideline value for Nethaji Nagar 1st Cross Street has undergone several revisions over the years. In 2007, the value was set at Rs 400 per sq.ft. This figure saw a significant increase in 2012, rising to Rs 2,200 per sq.ft, before dropping to Rs 1,474 per sq.ft in 2017. The 2023 revision brought the value back up to Rs 2,200 per sq.ft, and the most recent revision in 2024 set the value at Rs 2,380 per sq.ft. There are no figures available for the years 2002 and 2003 in the register for this street.

From 2007 to 2012, the guideline value increased by 450%. However, it decreased by 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023, and the most recent revision from 2023 to 2024 reflects an 8% increase. Overall, from 2007 to 2024, the guideline value has increased by 495%.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 4,400 per sq.ft, with a median value of Rs 2,970 per sq.ft. The guideline value for Nethaji Nagar 1st Cross Street is below this median.

• Nethaji Nagar 2nd Cross Street: Rs 2,380 per sq.ft (2024)
• Nethaji Nagar 3rd Cross Street: Rs 2,380 per sq.ft (2024)
• Nethaji Nagar: Rs 2,380 per sq.ft (2024)
• New Street Nagar: Rs 2,970 per sq.ft (2024)
• N.G.O. Colony: Rs 2,970 per sq.ft (2024)
• Nehru Nagar: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Nethaji Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,380 per sq.ft, the total guideline value would be Rs 23,80,000. The stamp duty at 7% would amount to Rs 1,66,600, and the registration fee at 2% would be Rs 47,600, bringing the total cost together to Rs 2,14,200. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nethaji Nagar 1st Cross Street?

The Sub Registrar Office that covers Nethaji Nagar 1st Cross Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration of property transactions in Hastinapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a buyer or seller engages in a property transaction, the guideline value will be used to calculate the applicable fees. It is essential to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Nethaji Nagar 1st Cross Street?

The current guideline value of Nethaji Nagar 1st Cross Street is Rs 2,380 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 400 per sq.ft in 2007 to Rs 2,380 per sq.ft in 2024, reflecting an overall increase of 495% over the years.

What are the stamp duty and registration fees for property in Nethaji Nagar 1st Cross Street?

For a property valued at Rs 2,380 per sq.ft, the total guideline value for a 1,000 sq.ft plot would be Rs 23,80,000. The stamp duty would be Rs 1,66,600, and the registration fee would be Rs 47,600, totaling Rs 2,14,200.

Which Sub Registrar Office covers Nethaji Nagar 1st Cross Street?

The Pallavaram Sub Registrar Office covers Nethaji Nagar 1st Cross Street, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

What is the land classification of Nethaji Nagar 1st Cross Street?

Nethaji Nagar 1st Cross Street falls under the Residential Class II Type - I land classification, indicating its suitability for residential purposes.