Guideline Value for AKKARAI 1ST STREET

Akkarai 1st Street guideline value

The current guideline value of Akkarai 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in the village of Sholinganallur - 1 and falls under the Neelankarai SRO, classified as Residential Class II Type - III.

How the guideline value of Akkarai 1st Street has changed

The guideline value for Akkarai 1st Street has undergone several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft. In 2023, this value increased to Rs 2,000 per sq.ft, marking a significant rise of 49%. The most recent 2024 revision further increased the guideline value to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Sholinganallur - 1

In the village of Sholinganallur - 1, there are 754 streets under the Neelankarai SRO, with the 2024 guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which is the same as the current value for Akkarai 1st Street.

• Akkarai 2nd Street: Rs 2,200 per sq.ft (2024)
• Akkarai 3rd Street: Rs 2,200 per sq.ft (2024)
• Akkarai 4rd Street (Tvs Avenue): Rs 4,400 per sq.ft (2024)
• Akkarai Main Road: Rs 2,800 per sq.ft (2024)
• A.K.Holdings Park: Rs 2,200 per sq.ft (2024)
• Amar Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Akkarai 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Akkarai 1st Street?

The Akkarai 1st Street falls under the Neelankarai Sub Registrar Office located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value plays a crucial role in the property registration process in Sholinganallur - 1. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is sold, the guideline value is assessed to calculate the applicable fees. This ensures that the transaction is recorded accurately and that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Akkarai 1st Street?

The current guideline value of Akkarai 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 64% over this period.

What is the role of the Neelankarai SRO?

The Neelankarai SRO is responsible for property registrations in the area, including Akkarai 1st Street. It ensures that all property transactions comply with local regulations.

What are the stamp duty rates for property in Akkarai 1st Street?

The stamp duty for property in Akkarai 1st Street is charged at a rate of 7% on the guideline value or sale price, whichever is higher.

Where can I find more information about the SRO?

You can find more information about the Sub Registrar Office covering Akkarai 1st Street at the Neelankarai Sub Registrar Office located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.