Guideline Value for Nethaji Nagar

Nethaji Nagar guideline value

The current guideline value of Nethaji Nagar is Rs 850 per sq.ft, effective from 1 July 2024. This area is located in Selaiyur village, under the Selaiyur SRO, and is classified as Residential Class V Type - I.

How the guideline value of Nethaji Nagar has changed

Over the years, the guideline value of Nethaji Nagar has seen several revisions. The earliest recorded figure is from 2007, where the value was Rs 200 per sq.ft. This increased significantly to Rs 800 per sq.ft in 2012, then decreased to Rs 536 per sq.ft in 2017. Following this, the value rose sharply to Rs 800 per sq.ft in 2023, and currently stands at Rs 850 per sq.ft from the 2024 revision. The register has no figures for the years 2002 and 2003 for this street.

In terms of percentage changes, the value increased by 300% from 2007 to 2012, decreased by 33% from 2012 to 2017, and then increased by 49% from 2017 to 2023. The most recent change from 2023 to 2024 reflects a 6% increase. Overall, from 2007 to 2024, the guideline value has increased by 325%.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,500 per sq.ft. The median value among these streets is Rs 2,200 per sq.ft, placing Nethaji Nagar's current guideline value below that median.

• Nethaji Street: Rs 850 per sq.ft (2024)
• New Balaji Nagar: Rs 2,900 per sq.ft (2024)
• New Balaji Nagar 1st Street: Rs 2,900 per sq.ft (2024)
• New Balaji Nagar 2nd Street: Rs 2,900 per sq.ft (2024)
• New Balaji Nagar 3rd Street: Rs 2,900 per sq.ft (2024)
• New Balaji Nagar 4th Street: Rs 2,900 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 850 per sq.ft, the total guideline value amounts to Rs 8,50,000. The stamp duty at 7% would be Rs 59,500, and the registration fee at 2% would be Rs 17,000, bringing the total fees to Rs 76,500. 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?

The Sub Registrar Office that covers Nethaji Nagar 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 more details.

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

The guideline value is a critical factor in the registration process for property transactions in Selaiyur. 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 helps in establishing a fair transaction price. Buyers and sellers often refer to the guideline value to negotiate the sale price, ensuring that it meets or exceeds the prescribed value for registration purposes.

Frequently asked questions

What is the current guideline value of Nethaji Nagar?

The current guideline value of Nethaji Nagar is Rs 850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, from Rs 200 per sq.ft in 2007 to Rs 850 per sq.ft in 2024, with notable fluctuations in between.

What is the land classification of Nethaji Nagar?

Nethaji Nagar is classified as Residential Class V Type - I, which indicates its use for residential purposes.

Which Sub Registrar Office covers Nethaji Nagar?

Nethaji Nagar falls under the jurisdiction of the Selaiyur Sub Registrar Office, located in Chennai.

How is the stamp duty calculated for properties in Nethaji Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 8,50,000 would incur a stamp duty of Rs 59,500.