Guideline Value for Nethaji Street

Nethaji Street guideline value

The current guideline value of Nethaji Street in Kanagam village, under the Adayar SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class II Type - I.

How the guideline value of Nethaji Street has changed

The guideline value for Nethaji Street has seen significant changes over the years. In 2002, the value was Rs 165 per sq.ft, which increased to Rs 425 per sq.ft in 2003, marking a rise of 158%. The value continued to grow, reaching Rs 800 per sq.ft in 2007, an increase of 88%. By 2012, the value was Rs 3,000 per sq.ft, which represented a substantial increase of 275% from the previous revision. However, it then decreased to Rs 2,010 per sq.ft in 2017, reflecting a drop of 33%.

From 2017 to 2023, the guideline value rose significantly to Rs 3,000 per sq.ft, an increase of 49%. The most recent revision in 2024 set the value at Rs 3,300 per sq.ft, which is a 10% increase from the 2023 figure. Overall, from 2002 to 2024, the guideline value has increased by 1900%.

Guideline values in Kanagam

In Kanagam, there are 15 streets under the Adayar SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 13,800 per sq.ft, with a median value of Rs 2,800 per sq.ft. Nethaji Street's current guideline value is above this median.

• Nehru Street: Rs 3,900 per sq.ft (2024)
• Periyar Street: Rs 2,800 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 3,300 per sq.ft (2024)
• Lal Bahadur Street: Rs 2,800 per sq.ft (2024)
• Kattabomman Street: Rs 2,800 per sq.ft (2024)
• Kanagam Road: Rs 3,900 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 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, and the registration fee at 2% would be Rs 66,000, bringing the total to 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. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nethaji Street?

The Sub Registrar Office that covers Nethaji Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Kanagam. It is used to determine the stamp duty and registration fees applicable when buying or selling property. Buyers and sellers must consider this value during the registration process to ensure compliance with local regulations.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that all transactions are recorded accurately and that the appropriate taxes are collected by the government.

Frequently asked questions

What is the current guideline value of Nethaji Street?

The current guideline value of Nethaji Street 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 significantly from Rs 165 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, representing an overall increase of 1900%.

What is the land classification of Nethaji Street?

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

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

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 registrations for Nethaji Street?

The Adayar Sub Registrar Office handles registrations for Nethaji Street, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.