Guideline Value for CLASSIC FARMS

Classic Farms guideline value

The current guideline value of Classic Farms is Rs 4,400 per sq.ft, effective from 1 July 2024. This property is located in the village of Sholinganallur - 1 under the Neelankarai SRO and is classified as Residential Special Type - V.

How the guideline value of Classic Farms has changed

The guideline value for Classic Farms has seen significant changes over the years. The 2017 revision set the value at Rs 2,680 per sq.ft, which increased to Rs 4,000 per sq.ft in the 2023 revision. The 2024 revision further raised this to Rs 4,400 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Notably, there are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street. The 2023 revision reflected a 49% increase from the 2017 figure, demonstrating a substantial rise in the guideline value over the years.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value is Rs 2,200 per sq.ft, placing Classic Farms above this median.

• Classic Retreat: Rs 3,300 per sq.ft (2024)
• Copper Beach Road: Rs 4,400 per sq.ft (2024)
• C.R.Janaki Raman Street: Rs 2,200 per sq.ft (2024)
• Chockalingam Street (Grama Nedunchalai 7th Cross Street): Rs 2,200 per sq.ft (2024)
• Desco Heaven: Rs 2,200 per sq.ft (2024)
• Chidambaram Nagar Main Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Classic Farms

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, leading to a total of Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Classic Farms?

The Sub Registrar Office that covers Classic Farms is 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 property transactions in Sholinganallur - 1. It is used to determine the stamp duty and registration fees that must be paid during the registration process. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is compared to the sale price. The higher of the two is used to calculate the applicable duties and fees, ensuring that the government receives the correct amount based on the property's value.

Frequently asked questions

What is the current guideline value of Classic Farms?

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

How much has the guideline value changed since 2017?

Since 2017, the guideline value has increased from Rs 2,680 per sq.ft to Rs 4,400 per sq.ft in 2024, marking a total increase of 64% over the years.

What are the other streets in Sholinganallur - 1 with their guideline values?

Other streets in Sholinganallur - 1 include Classic Retreat at Rs 3,300 per sq.ft, Copper Beach Road at Rs 4,400 per sq.ft, and several others with varying rates.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is 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 Classic Farms?

Stamp duty for properties in Classic Farms is calculated based on the higher of the guideline value or the sale price. For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at 7%.