Guideline Value for Nethaji Street

Nethaji Street guideline value

The current guideline value of Nethaji Street is Rs 385 per sq.ft, effective from 1 July 2024. This street is located in Orakadu & Kiruthalapuram village, under the jurisdiction of the Redhills SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Nethaji Street has changed

The guideline value for Nethaji Street has seen several revisions over the years. In 2007, the value was Rs 300 per sq.ft, which increased to Rs 350 per sq.ft in 2012. However, it decreased to Rs 234 per sq.ft in 2017. The following revision in 2023 brought the value up to Rs 350 per sq.ft, and the most recent revision in 2024 set it at Rs 385 per sq.ft. The register has no figures for the years 2002 and 2003 for this street.

From 2017 to 2023, there was a significant increase of 50%. The value then rose by 10% from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 28%.

Guideline values in Orakadu & Kiruthalapuram

In Orakadu & Kiruthalapuram, there are 34 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 275 to Rs 900 per sq.ft. The median value is Rs 385 per sq.ft, which is the same as the 2024 figure for Nethaji Street.

• New Sun City Phase - II: Rs 330 per sq.ft (2024)
• Orakkadu Grama Pradhana Salai: Rs 385 per sq.ft (2024)
• Parmasivan Street: Rs 385 per sq.ft (2024)
• Parthasarathy Street: Rs 385 per sq.ft (2024)
• Periyar Street: Rs 385 per sq.ft (2024)
• Perumal Koil Cross Street: Rs 385 per sq.ft (2024)

Stamp duty and registration fee for property in Nethaji Street

For a 1,000 sq.ft plot at the current rate of Rs 385 per sq.ft, the guideline value amounts to Rs 3,85,000. The stamp duty at 7% would be Rs 26,950, and the registration fee at 2% would be Rs 7,700, totaling Rs 34,650. Please 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 details.

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 information.

How the guideline value is used when you buy or sell in Orakadu & Kiruthalapuram

The guideline value is an essential factor in the registration process when buying or selling property in Orakadu & Kiruthalapuram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is used to calculate the necessary fees, ensuring that the transaction is recorded accurately. Buyers and sellers should be aware of these values to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Nethaji Street?

The current guideline value of Nethaji Street is Rs 385 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 385 per sq.ft in 2024, with several revisions in between. Notably, there was a 50% increase from 2017 to 2023, followed by a 10% increase from 2023 to 2024.

What is the land classification for Nethaji Street?

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

Where can I find the Sub Registrar Office for Nethaji Street?

The Sub Registrar Office for Nethaji Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

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

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 3,85,000, the stamp duty would be Rs 26,950 at a rate of 7%.