Guideline Value for AKKARAI MAIN ROAD

Akkarai Main Road guideline value

The current guideline value of Akkarai Main Road is Rs 2,800 per sq.ft, effective from 1 July 2024. This road is located in the Sholinganallur - 1 village, under the Neelankarai SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Akkarai Main Road has changed

The guideline value for Akkarai Main Road has seen significant changes over the years. The 2017 revision set the value at Rs 1,675 per sq.ft, which increased to Rs 2,500 per sq.ft in the 2023 revision, marking a 49% increase. The most recent revision in 2024 raised the value to Rs 2,800 per sq.ft, reflecting a 12% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 67%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, making the guideline value of Akkarai Main Road above this median.

• Akkarai 4rd Street (Tvs Avenue): Rs 4,400 per sq.ft (2024)
• Akkarai 3rd Street: Rs 2,200 per sq.ft (2024)
• Akkarai 2nd Street: Rs 2,200 per sq.ft (2024)
• Akkarai 1st Street: Rs 2,200 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 Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, leading to a total of Rs 2,52,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Akkarai Main Road?

The Akkarai Main Road 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 details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Sholinganallur - 1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value helps ensure that the transaction is recorded accurately and that the appropriate taxes are collected. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Akkarai Main Road?

The current guideline value of Akkarai Main Road is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,675 per sq.ft in 2017 to Rs 2,800 per sq.ft in 2024, marking an overall increase of 67% over these years.

What is the land classification for Akkarai Main Road?

Akkarai Main Road is classified as Residential Class II Type - II, indicating its suitability for residential development.

Where can I find the registration office for Akkarai Main Road?

The registration office for Akkarai Main Road is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in Akkarai Main Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 at 7%.