Guideline Value for Nethaji Nagar

Nethaji Nagar guideline value

The current guideline value of Nethaji Nagar, located in Ramapuram village under the Chennai South Joint II SRO, is Rs 3,100 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

Over the years, the guideline value of Nethaji Nagar has seen several revisions. The 2012 revision set the value at Rs 2,800 per sq.ft, which was then reduced to Rs 1,876 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,800 per sq.ft, and the current 2024 revision has raised it to Rs 3,100 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. The change from 2023 to 2024 reflects an 11% increase. Overall, from 2012 to 2024, the guideline value has increased by 11%.

Guideline values in Ramapuram

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

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

For a 1,000 sq.ft plot at the current rate of Rs 3,100 per sq.ft, the guideline value would be Rs 31,00,000. The stamp duty at 7% would amount to 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 guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Nethaji Nagar?

The Sub Registrar Office covering Nethaji Nagar is 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 critical factor in the registration process when buying or selling property in Ramapuram. It serves as a benchmark for calculating the stamp duty and registration fees, which are based on the higher of the guideline value or the sale price.

When a property transaction occurs, the guideline value ensures that the government receives appropriate revenue through these fees. Therefore, understanding the guideline value is essential for both buyers and sellers in the real estate market.

Frequently asked questions

What is the current guideline value of Nethaji Nagar?

The current guideline value of Nethaji Nagar is Rs 3,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed 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 currently to Rs 3,100 per sq.ft in 2024.

What is the land classification of Nethaji Nagar?

Nethaji Nagar is classified as Residential Class II Type - I.

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

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 2,79,000, calculated based on the guideline value of Rs 31,00,000.

Which Sub Registrar Office covers Nethaji Nagar?

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