Guideline Value for Nethaji Nagar

Nethaji Nagar guideline value

The current guideline value of Nethaji Nagar in Madipakkam-1 village is Rs 2,750 per sq.ft, effective from 1 July 2024. This area falls under the Velacheri Sub Registrar Office (SRO) and is classified as Residential Class I Type - III.

How the guideline value of Nethaji Nagar has changed

The guideline value of Nethaji Nagar has seen significant changes over the years. The 2017 revision set the value at Rs 1,675 per sq.ft, which increased to Rs 2,500 per sq.ft in the 2023 revision. The latest revision in 2024 has further raised the value to Rs 2,750 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%, and overall, from 2017 to 2024, the guideline value has risen by 64%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, which is equal to the current figure for Nethaji Nagar.

• Nethaji Nagar, Ponni Amman Koil Street: Rs 2,200 per sq.ft (2024)
• Nethaji Street: Rs 2,750 per sq.ft (2024)
• Nethaji Street Extn.: Rs 2,750 per sq.ft (2024)
• Nethaji Street, Ponni Amman Koil Street: Rs 2,200 per sq.ft (2024)
• Nethiaji Subaash Chandra Bose Road: Rs 2,750 per sq.ft (2024)
• Nehru Street 4th Street: Rs 2,200 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 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty, charged at 7%, would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Nethaji Nagar?

The Nethaji Nagar area is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor during the registration process of property transactions in Madipakkam-1. It serves as the baseline for calculating stamp duty and registration fees, ensuring that these costs reflect the official valuation of the property.

When buying or selling property, the guideline value helps in determining the legal value of the property, which is necessary for compliance with local regulations. Buyers and sellers should be well-informed about the current guideline value to avoid any discrepancies during the transaction.

Frequently asked questions

What is the current guideline value of Nethaji Nagar?

The current guideline value of Nethaji Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

From the 2023 revision to the 2024 revision, the guideline value increased by 10%. Overall, from 2017 to 2024, the guideline value has risen by 64%.

What is the land classification of Nethaji Nagar?

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

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

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

Stamp duty for properties in Nethaji Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.