Guideline Value for Nethaji Nagar 1st Street

Nethaji Nagar 1st Street guideline value

The current guideline value of Nethaji Nagar 1st Street is Rs 3,520 per sq.ft, effective from 1 July 2024. This street is located in Porur village, under the Kunrathur SRO, and is classified as Residential Special Type - II.

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

Looking at the historical revisions, the guideline value for Nethaji Nagar 1st Street has seen several changes. The value was Rs 3,200 per sq.ft in 2023, which increased to Rs 3,520 per sq.ft in 2024, marking a 10% increase. Prior to that, in 2017, the value was Rs 2,144 per sq.ft, indicating a significant rise of 49% to the 2023 figure. The 2012 revision also recorded a value of Rs 3,200 per sq.ft, which was a decrease of 33% from the 2017 revision. Overall, from 2012 to 2024, the guideline value has increased by 10%.

The register does not contain figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Porur

In Porur village, there are 530 streets under the Kunrathur SRO that carry a 2024 guideline value, ranging from Rs 2,860 to Rs 6,380 per sq.ft, with the median being Rs 3,960 per sq.ft. The guideline value of Nethaji Nagar 1st Street is below this median.

• Nethaji Nagar 2nd Street: Rs 3,520 per sq.ft (2024)
• Nethaji Nagar 3rd Street: Rs 3,520 per sq.ft (2024)
• Nethaji Nagar 4th Street: Rs 3,520 per sq.ft (2024)
• Nethaji Nagar 5th Street: Rs 3,520 per sq.ft (2024)
• Nethaji Nagar: Rs 3,520 per sq.ft (2024)
• New Colony 1st Cross Street (East): Rs 4,950 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,520 per sq.ft, the total guideline value would be Rs 35,20,000. The stamp duty at 7% would amount to Rs 2,46,400, while the registration fee at 2% would be Rs 70,400. Together, these fees would total Rs 3,16,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Nethaji Nagar 1st Street?

The Nethaji Nagar 1st Street falls under the jurisdiction of the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. For more information, you can find your SRO.

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

The guideline value plays a crucial role in property transactions in Porur. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating the sale price, as the registration fees and stamp duties are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, the guideline value ensures that the transaction is recorded at a fair price, which helps in maintaining transparency in the real estate market. This process is essential for both buyers and sellers to comply with legal requirements when transferring property ownership.

Frequently asked questions

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

The current guideline value of Nethaji Nagar 1st Street is Rs 3,520 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,200 per sq.ft in 2023 to Rs 3,520 per sq.ft in 2024, an increase of 10%. It was Rs 2,144 per sq.ft in 2017, which increased by 49% to the 2023 figure.

What is the land classification for Nethaji Nagar 1st Street?

Nethaji Nagar 1st Street is classified as Residential Special Type - II, indicating its designated use for residential purposes.

What are the registration fees for property transactions?

The registration fee is calculated at 2% of the guideline value or sale price, whichever is higher. For example, on a property valued at Rs 35,20,000, the registration fee would be Rs 70,400.

Where can I find the Kunrathur Sub Registrar Office?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069. This office handles the registration of properties in the area, including Nethaji Nagar 1st Street.