Guideline Value for Nethaji Street

Nethaji Street guideline value

The current guideline value of Nethaji Street in Velachery village, under the Velacheri SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - II land classification.

How the guideline value of Nethaji Street has changed

Over the years, the guideline value of Nethaji Street has seen significant changes. In 2002, the guideline value was Rs 445 per sq.ft, which increased to Rs 665 per sq.ft in 2003, marking a 49% rise. The value continued to climb, reaching Rs 2,000 per sq.ft in 2007, which represented a substantial 201% increase. By 2012, the value was Rs 4,000 per sq.ft, reflecting a 100% increase from the previous revision. However, there was a decrease to Rs 2,680 per sq.ft in 2017, a drop of 33% from the 2012 figure. The value then rose again to Rs 4,000 per sq.ft in 2023, and finally reached Rs 4,400 per sq.ft in 2024, a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 889%. The register has no figure for this street in the years not mentioned above.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the current guideline value of Nethaji Street.

• Nethaji Road/Street, (Pillaiyar Koils Street Extn)/(Ganesh Nagar): Rs 4,400 per sq.ft (2024)
• Nethaji Road/Street / Ganesh Nagar Pillaiyar Koil St: Rs 4,400 per sq.ft (2024)
• Nethaji Road / Ganesh Nagar: Rs 4,400 per sq.ft (2024)
• Nethaji Road: Rs 4,400 per sq.ft (2024)
• Nethaji Colony Ragavendra Street: Rs 4,400 per sq.ft (2024)
• Nethaji Colony Church Street: Rs 4,400 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 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. 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 details.

Which Sub Registrar Office covers Nethaji Street?

The Sub Registrar Office that covers Nethaji Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in property transactions in Velachery. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid. These fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

Additionally, the guideline value helps in establishing a standard for property pricing in the area. It serves as a reference point for both buyers and sellers, providing transparency and consistency in the real estate market.

Frequently asked questions

What is the current guideline value of Nethaji Street?

The current guideline value of Nethaji Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 445 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 889% over the years.

What is the registration fee for property in Nethaji Street?

The registration fee for property in Nethaji Street is calculated at 2% of the guideline value. For example, for a property valued at Rs 44,00,000, the registration fee would be Rs 88,000.

Where is the Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in Velachery?

Stamp duty for properties in Velachery is calculated at 7% of the higher value between the guideline value and the sale price. This ensures that the appropriate duty is paid based on the property's valuation.