Guideline Value for Nethaji Nagar 2nd Street

Nethaji Nagar 2nd Street guideline value

The current guideline value of Nethaji Nagar 2nd Street is Rs 3,100 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - I.

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

The guideline value for Nethaji Nagar 2nd Street has undergone several revisions over the years. The earliest recorded value is from 2012, which was Rs 2,800 per sq.ft. This figure remained the same in the 2012 revision but decreased to Rs 1,876 per sq.ft in 2017. Following this, the value saw a significant increase to Rs 2,800 per sq.ft in the 2023 revision and further rose to Rs 3,100 per sq.ft in the 2024 revision, marking an 11% increase from the previous year.

In terms of percentage changes, the guideline value rose by 49% from 2017 to 2023 and decreased by 33% from 2012 to 2017. Overall, from 2012 to 2024, the value has increased by 11%. The register does not have figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that have a guideline value for 2024, ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 3,100 per sq.ft, which is equal to the current guideline value of Nethaji Nagar 2nd Street.

• Nethaji Nagar 2nd Lane: Rs 3,100 per sq.ft (2024)
• Nethaji Nagar 1st Street: Rs 3,100 per sq.ft (2024)
• Nethaji Nagar Main Road: Rs 3,100 per sq.ft (2024)
• Nethaji Nagar: Rs 3,100 per sq.ft (2024)
• Nethaji Street: Rs 3,100 per sq.ft (2024)
• Nehru Street: Rs 4,400 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current rate of Rs 3,100 per sq.ft, the guideline value amounts to Rs 31,00,000. The stamp duty at 7% would be Rs 2,17,000, and the registration fee at 2% would be Rs 62,000, totaling Rs 2,79,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nethaji Nagar 2nd Street?

The Nethaji Nagar 2nd Street falls under the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Ramapuram. It is used to determine the stamp duty and registration fees payable when buying or selling property. The guideline value serves as a benchmark for assessing property transactions and ensures that the appropriate fees are collected by the registration authorities.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two values is used to calculate the applicable duties. This process ensures transparency and helps maintain a consistent valuation standard across the region.

Frequently asked questions

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

The current guideline value of Nethaji Nagar 2nd Street is Rs 3,100 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 from Rs 2,800 per sq.ft in 2012 to Rs 1,876 per sq.ft in 2017, then to Rs 2,800 per sq.ft in 2023, and finally to Rs 3,100 per sq.ft in 2024.

What is the median guideline value in Ramapuram?

The median guideline value in Ramapuram for 2024 is Rs 3,100 per sq.ft, which is the same as the guideline value for Nethaji Nagar 2nd Street.

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

For a 1,000 sq.ft plot valued at Rs 3,100 per sq.ft, the total guideline value is Rs 31,00,000. The stamp duty would be Rs 2,17,000, and the registration fee would be Rs 62,000, totaling Rs 2,79,000.

Which office handles registrations for Nethaji Nagar 2nd Street?

The registrations for Nethaji Nagar 2nd Street are handled by the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.