Guideline Value for CREEK STREET

Creek Street guideline value

The current guideline value of Creek Street in Okkiyamthuraipakkam village, under the Neelankarai SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Creek Street has changed

The guideline value for Creek Street has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 3,000 per sq.ft. This was followed by a decrease to Rs 2,010 per sq.ft in the 2017 revision. The 2023 revision saw a significant increase to Rs 3,000 per sq.ft, which was then revised again to Rs 3,300 per sq.ft in 2024, marking a 10% increase from the previous year.

Looking at the changes, from 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. Overall, from the 2012 revision to the 2024 revision, there has been a 10% increase in the guideline value.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value is Rs 3,300 per sq.ft, which is equal to the current guideline value of Creek Street.

• Customs Colony Main Road: Rs 6,600 per sq.ft (2024)
• C.L.Metha Salai: Rs 6,700 per sq.ft (2024)
• Devaraj Avenue: Rs 2,800 per sq.ft (2024)
• DEVARAJ AVENUE 1st CROSS STREET: Rs 2,800 per sq.ft (2024)
• DEVARAJ AVENUE 2nd CROSS STREET: Rs 2,800 per sq.ft (2024)
• DEVARAJ AVENUE 3rd CROSS STREET: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Creek Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Creek Street?

The Sub Registrar Office that covers Creek Street 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 Okkiyamthuraipakkam

The guideline value plays a crucial role in the registration process when buying or selling property in Okkiyamthuraipakkam. It serves as a benchmark for determining the value of the property, which is essential for calculating the applicable stamp duty and registration fees.

When a property transaction occurs, the guideline value is compared to the sale price, and the higher of the two is used to calculate the stamp duty. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Creek Street?

The current guideline value of Creek Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification for Creek Street?

Creek Street is classified as Residential Class II Type - I.

What are the stamp duty and registration fees for property in Creek Street?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Where is the Sub Registrar Office for Creek Street located?

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