Guideline Value for Nethaji Street

Nethaji Street guideline value

The current guideline value of Nethaji Street in Chembakkam village, under the Selaiyur SRO, is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class I Type - III.

How the guideline value of Nethaji Street has changed

The guideline value for Nethaji Street has undergone several revisions over the years. In the 2007 revision, the value was Rs 450 per sq.ft. This increased significantly to Rs 2,500 per sq.ft in 2012, marking a 456% rise. However, in the 2017 revision, the value decreased to Rs 1,675 per sq.ft, which was a 33% drop. The 2023 revision saw it rise again to Rs 2,500 per sq.ft, and the current 2024 revision has further increased it to Rs 2,700 per sq.ft, an 8% increase from the previous year.

From the 2017 revision to 2023, there was a substantial increase of 49%. Overall, from the 2007 revision to the current 2024 figure, the guideline value has increased by 500%.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO, with guideline values in 2024 ranging from Rs 850 to Rs 6,700 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which means Nethaji Street's current value is above this median.

• Nethaji Ist Cross Street: Rs 2,700 per sq.ft (2024)
• Nethaji 2nd Street: Rs 2,700 per sq.ft (2024)
• Nethaji 2nd Cross Street: Rs 2,700 per sq.ft (2024)
• Nethaji 1st Street: Rs 2,700 per sq.ft (2024)
• Nesamani Nagar 1st Street: Rs 3,800 per sq.ft (2024)
• Nesamani Nagar: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Nethaji Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, leading to a total of Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Nethaji Street?

The Sub Registrar Office that covers Nethaji Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, within the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Chembakkam. It serves as a benchmark for determining the minimum value at which a property can be sold or purchased. This value is used to calculate the stamp duty and registration fees that are applicable during the transaction.

When a property is bought or sold, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in real estate dealings. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations during registration.

Frequently asked questions

What is the current guideline value of Nethaji Street?

The current guideline value of Nethaji Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 450 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, reflecting a total increase of 500% over the years.

What is the land classification for Nethaji Street?

Nethaji Street is classified as Residential Class I Type - III.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

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

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, along with a registration fee of 2% of the guideline value.