Guideline Value for Nethaji Nagar

Nethaji Nagar guideline value

The current guideline value of Nethaji Nagar, located in Hastinapuram village under the Pallavaram SRO, is Rs 2,380 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Nethaji Nagar has changed

The guideline value of Nethaji Nagar has undergone several revisions over the years. In 2007, the guideline value was set at Rs 400 per sq.ft. This figure saw a significant increase to Rs 2,200 per sq.ft in 2012, marking a rise of 450%. However, from 2012 to 2017, the value decreased to Rs 1,474 per sq.ft, which is a drop of 33%. The value then increased dramatically to Rs 2,200 per sq.ft in 2023, reflecting a 49% rise. The most recent revision in 2024 set the guideline value at Rs 2,380 per sq.ft, an increase of 8% from the previous year.

Notably, there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 495%.

Guideline values in Hastinapuram

In Hastinapuram village, there are 277 streets under the Pallavaram SRO that have a guideline value for 2024, 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 of Nethaji Nagar is below this median.

• Nethaji Nagar 1st Cross Street: Rs 2,380 per sq.ft (2024)
• Nethaji Nagar 2nd Cross Street: Rs 2,380 per sq.ft (2024)
• Nethaji Nagar 3rd Cross Street: Rs 2,380 per sq.ft (2024)
• New Street Nagar: Rs 2,970 per sq.ft (2024)
• Nehru Nagar: Rs 4,400 per sq.ft (2024)
• N.G.O. Colony: Rs 2,970 per sq.ft (2024)

Stamp duty and registration fee for property in Nethaji Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,380 per sq.ft, the total guideline value amounts to Rs 23,80,000. The stamp duty at 7% would be Rs 1,66,600, and the registration fee at 2% would be Rs 47,600, making the total cost for these fees Rs 2,14,200. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nethaji Nagar?

The Sub Registrar Office that covers Nethaji Nagar 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 plays a crucial role 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 buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Nethaji Nagar?

The current guideline value of Nethaji Nagar 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 from Rs 400 per sq.ft in 2007 to Rs 2,380 per sq.ft in 2024, reflecting an overall increase of 495%.

What are the other streets with the same guideline value in Hastinapuram?

The other streets in Hastinapuram with the same guideline value of Rs 2,380 per sq.ft include Nethaji Nagar 1st Cross Street, Nethaji Nagar 2nd Cross Street, and Nethaji Nagar 3rd Cross Street.

Where can I find the Sub Registrar Office for Nethaji Nagar?

The Sub Registrar Office for Nethaji Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated for properties in Nethaji Nagar?

Stamp duty for properties in Nethaji Nagar is calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 23,80,000, the stamp duty would be Rs 1,66,600 at the rate of 7%.