Guideline Value for Nethaji Nagar

Nethaji Nagar guideline value

The current guideline value of Nethaji Nagar, located in Padiyanallur village under the Redhills SRO, is Rs 770 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Nethaji Nagar has changed

The guideline value for Nethaji Nagar has undergone several revisions over the years. The earliest recorded figure is from 2003, which was Rs 108 per sq.ft. This increased significantly to Rs 400 per sq.ft in 2007, followed by a rise to Rs 700 per sq.ft in 2012. However, the value then decreased to Rs 469 per sq.ft in 2017. From 2017 to 2023, the value saw a substantial increase to Rs 700 per sq.ft, and finally, it rose to Rs 770 per sq.ft in the 2024 revision.

In summary, the changes in the guideline value from one revision to the next include a 270% increase from 2003 to 2007, a 75% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 10% increase from 2023 to 2024. The register has no figure for this street in 2002.

Guideline values in Padiyanallur

Padiyanallur village has 132 streets under the Redhills SRO, with 2024 guideline values ranging from Rs 385 to Rs 2,750 per sq.ft. The median guideline value is Rs 770 per sq.ft, which matches the current figure for Nethaji Nagar.

• Nethaji Street: Rs 1,320 per sq.ft (2024)
• Nehru Street: Rs 770 per sq.ft (2024)
• Nedunchezhiyan Street: Rs 770 per sq.ft (2024)
• N.S.C. Bose Street (Bhavani Nagar): Rs 770 per sq.ft (2024)
• Oungsan Street: Rs 770 per sq.ft (2024)
• Muthu Mari Amman Street: Rs 770 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 770 per sq.ft, the total guideline value would be Rs 7,70,000. The stamp duty at 7% would amount to Rs 53,900, and the registration fee at 2% would be Rs 15,400, bringing the total cost for duty and fees to Rs 69,300. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Nethaji Nagar?

The Sub Registrar Office that covers Nethaji Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Padiyanallur. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware that the guideline value can influence the stamp duty and registration fees associated with the transaction.

When a property is sold, the registration office uses the guideline value to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions based on the established guideline values.

Frequently asked questions

What is the current guideline value of Nethaji Nagar?

The current guideline value of Nethaji Nagar is Rs 770 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Nethaji Nagar has changed from Rs 108 per sq.ft in 2003 to Rs 770 per sq.ft in 2024, reflecting an overall increase of 613% over the years.

What are the other streets in Padiyanallur with similar guideline values?

Other streets in Padiyanallur with a guideline value of Rs 770 per sq.ft include Nehru Street, Nedunchezhiyan Street, N.S.C. Bose Street (Bhavani Nagar), and Oungsan Street.

What fees are associated with buying property in Nethaji Nagar?

When purchasing property in Nethaji Nagar, buyers should expect to pay a stamp duty of 7% and a registration fee of 2% based on the guideline value or the sale price, whichever is higher.

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

The Sub Registrar Office for Nethaji Nagar is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.