Guideline Value for Nethaji Street

Nethaji Street guideline value

The current guideline value for Nethaji Street in Naravarikuppam village is Rs 1,870 per sq.ft, effective from 1 July 2024. This street falls under the Redhills SRO and is classified as Residential Class I Type - I.

How the guideline value of Nethaji Street has changed

The guideline value for Nethaji Street has undergone several revisions over the years. The earliest recorded figure is from 2002, which was Rs 3,283 per sq.ft. This value decreased significantly to Rs 335 per sq.ft in 2003, and then rose to Rs 500 per sq.ft in 2007. The value saw a substantial increase to Rs 1,700 per sq.ft in 2012, but dropped to Rs 1,139 per sq.ft in 2017. The 2023 revision marked an increase to Rs 1,700 per sq.ft, followed by the current rate of Rs 1,870 per sq.ft in 2024.

In terms of changes, the guideline value increased by 10% from 2023 to 2024. Between 2017 and 2023, there was a notable increase of 49%. However, from 2012 to 2017, the value decreased by 33%. The jump from 2007 to 2012 was significant at 240%, while the increase from 2003 to 2007 was 49%. The value experienced a drastic decrease of 90% from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has decreased by 43%.

Guideline values in Naravarikuppam

Naravarikuppam village has a total of 112 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft, with a median value of Rs 1,650 per sq.ft. Nethaji Street's 2024 guideline value of Rs 1,870 per sq.ft is above this median.

• Nethaji Street Lane: Rs 1,870 per sq.ft (2024)
• Nehru Street: Rs 1,870 per sq.ft (2024)
• Natesan Street: Rs 1,870 per sq.ft (2024)
• Nara Lane: Rs 1,320 per sq.ft (2024)
• Muthusha Hussain Street: Rs 1,320 per sq.ft (2024)
• Muthuramalinga Devar Street: Rs 2,200 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 1,870 per sq.ft, the total guideline value amounts to Rs 18,70,000. The stamp duty at 7% would be Rs 1,30,900, while the registration fee at 2% would be Rs 37,400. Together, the total cost for stamp duty and registration fee would be Rs 1,68,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, 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 Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value serves as a benchmark for property transactions in Naravarikuppam. When a property is bought or sold, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

It is crucial for buyers and sellers to be aware of the guideline value as it directly influences the costs associated with registration. This value is updated periodically, reflecting changes in the real estate market and local conditions.

Frequently asked questions

What is the current guideline value for Nethaji Street?

The current guideline value for Nethaji Street is Rs 1,870 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Nethaji Street has changed from Rs 3,283 per sq.ft in 2002 to Rs 1,870 per sq.ft in 2024, reflecting various increases and decreases across different revisions.

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

For a property valued at Rs 18,70,000, the stamp duty would be Rs 1,30,900 and the registration fee would be Rs 37,400, totaling Rs 1,68,300.

Which Sub Registrar Office covers Naravarikuppam?

The Redhills Sub Registrar Office covers Naravarikuppam, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the land classification for Nethaji Street?

Nethaji Street is classified as Residential Class I Type - I, indicating its suitability for residential development.