Guideline Value for Nethaji Nagar

Nethaji Nagar guideline value

The current guideline value of Nethaji Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Maduravoyal village and falls under the Virugambakkam SRO. The land classification for this street is Residential Class II Type - I.

How the guideline value of Nethaji Nagar has changed

The guideline value for Nethaji Nagar has seen significant changes over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 74 per sq.ft. In 2003, this value increased to Rs 81 per sq.ft, marking a 9% rise. The value continued to rise sharply, reaching Rs 500 per sq.ft in 2007, which is a 517% increase from the previous revision. However, between 2007 and 2012, the value decreased to Rs 3,000 per sq.ft, a drop of 500%.

From 2012 to 2017, the guideline value changed to Rs 2,010 per sq.ft, reflecting a decrease of 33%. The value then saw a significant increase to Rs 3,000 per sq.ft in 2023, followed by another rise to Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 4,359%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft, with a median value of Rs 3,050 per sq.ft. The guideline value for Nethaji Nagar is above this median.

• New Subramaniya Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• New Subramaniya Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• New Subramaniya Nagar 3rd Street: Rs 2,750 per sq.ft (2024)
• New Subramaniya Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Natesa Nagar: Rs 3,050 per sq.ft (2024)
• North Mada Veedhi 10th Cross Street: Rs 3,050 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 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Nethaji Nagar?

Nethaji Nagar is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Maduravoyal. It serves as a reference point for calculating the stamp duty and registration fees, ensuring that these costs are based on a standardized value rather than subjective sale prices.

When a property is registered, the buyer must pay the applicable stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives due revenue from property transactions.

Frequently asked questions

What is the current guideline value of Nethaji Nagar?

The current guideline value of Nethaji Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 74 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, marking a total increase of 4,359% over this period.

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

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles property registrations in Nethaji Nagar?

The Virugambakkam Sub Registrar Office handles property registrations in Nethaji Nagar, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the significance of the guideline value in property transactions?

The guideline value is used as a reference for calculating stamp duty and registration fees during property transactions. It ensures that these costs are based on a standardized value, providing clarity and consistency in the registration process.