Guideline Value for Advani Nagar

Advani Nagar guideline value

The current guideline value of Advani Nagar, located in Neelankarai village under the Neelankarai SRO, is Rs 1,000 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class V Type - I land classification.

How the guideline value of Advani Nagar has changed

The guideline value for Advani Nagar has seen several revisions over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 53 per sq.ft. This increased to Rs 58 per sq.ft in 2003, marking a 9% rise. The value then rose significantly to Rs 250 per sq.ft in 2007, reflecting a 331% increase. Following this, the value continued to climb to Rs 750 per sq.ft in 2012, which was a 200% increase from the previous revision. However, between 2012 and 2017, the value decreased to Rs 502 per sq.ft, representing a decline of 33%.

In the more recent revisions, the guideline value increased to Rs 1,000 per sq.ft in 2023, and it remained the same in the 2024 revision. The change from 2017 to 2023 was a substantial 99%. Overall, from 2002 to 2024, the guideline value has increased by 1,787%.

Guideline values in Neelankarai

In Neelankarai, there are 377 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 10,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of Advani Nagar is below this median.

• Ambedkar Main Road: Rs 1,700 per sq.ft (2024)
• Anbalagan Street: Rs 1,700 per sq.ft (2024)
• Animal Park: Rs 1,700 per sq.ft (2024)
• Annai Murugammal Avenue: Rs 3,300 per sq.ft (2024)
• Annai Murugammal Nagar: Rs 3,300 per sq.ft (2024)
• Anna Nagar Thoripakkam Salai: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Advani Nagar

For a 1,000 sq.ft plot at the current rate of Rs 1,000 per sq.ft, the guideline value amounts to Rs 10,00,000. The stamp duty at 7% would be Rs 70,000, and the registration fee at 2% would be Rs 20,000, totaling Rs 90,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Advani Nagar?

Advani Nagar falls under the jurisdiction of the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in property transactions in Neelankarai. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees.

It is essential for buyers and sellers to be aware of the guideline value, as it directly impacts the costs associated with property transactions. The registration process requires adherence to these values to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Advani Nagar?

The current guideline value of Advani Nagar is Rs 1,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 53 per sq.ft in 2002 to Rs 1,000 per sq.ft in 2024, marking an overall increase of 1,787%.

What are the other streets in Neelankarai with their guideline values?

Other streets in Neelankarai include Ambedkar Main Road, Anbalagan Street, and Animal Park, all at Rs 1,700 per sq.ft, as well as Annai Murugammal Avenue and Annai Murugammal Nagar at Rs 3,300 per sq.ft.

What are the stamp duty and registration fees for property in Advani Nagar?

For a property valued at Rs 10,00,000, the stamp duty would be Rs 70,000 and the registration fee would be Rs 20,000, totaling Rs 90,000.

Which Sub Registrar Office covers Advani Nagar?

The Neelankarai Sub Registrar Office covers Advani Nagar, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.