Guideline Value for Nethaji Nagar

Nethaji Nagar guideline value

The current guideline value of Nethaji Nagar, located in Parangimalai village under the Chennai South Joint II SRO, is Rs 3,850 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class II Type - I land classification.

How the guideline value of Nethaji Nagar has changed

The guideline value for Nethaji Nagar has undergone several revisions over the years. In 2002, the guideline value was Rs 238 per sq.ft. This increased to Rs 320 per sq.ft in 2003, marking a 34% rise. The value then saw a significant increase to Rs 750 per sq.ft in 2007, which was a 134% jump. Following this, the value rose dramatically to Rs 3,500 per sq.ft in 2012, reflecting a 367% increase. However, it decreased to Rs 2,345 per sq.ft in 2017, showing a decline of 33%. The value then increased to Rs 3,500 per sq.ft in 2023, which was a 49% rise, and finally reached Rs 3,850 per sq.ft in the 2024 revision, a 10% increase.

It is noteworthy that there are no figures available for the revisions in the years not mentioned in this overview. The overall increase from the 2002 figure to the current 2024 value is 1,518%.

Guideline values in Parangimalai

In Parangimalai village, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value is Rs 3,850 per sq.ft, which matches the guideline value of Nethaji Nagar.

• Nethaji Street: Rs 3,850 per sq.ft (2024)
• Nehru Nagar: Rs 3,850 per sq.ft (2024)
• New Shanmugam Colony: Rs 2,750 per sq.ft (2024)
• Nazarathpuram Road: Rs 3,300 per sq.ft (2024)
• Nazarathpuram: Rs 3,300 per sq.ft (2024)
• Nathat Subedhar Street: Rs 4,400 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 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees together to Rs 3,46,500. 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?

Nethaji Nagar 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 Parangimalai

The guideline value is a crucial factor during the registration of property transactions in Parangimalai. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is considered to ensure that the fees are calculated accurately. Buyers and sellers must be aware of the current guideline value to understand their financial obligations during the transaction process.

Frequently asked questions

What is the current guideline value of Nethaji Nagar?

The current guideline value of Nethaji Nagar is Rs 3,850 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 238 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 1,518%.

What is the land classification of Nethaji Nagar?

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

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

The Sub Registrar Office covering Nethaji Nagar is the Chennai South Joint II SRO, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How are stamp duty and registration fees calculated in Nethaji Nagar?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total fees would amount to Rs 3,46,500.