Guideline Value for EAST COAST ROAD

East Coast Road guideline value

The current guideline value of East Coast Road in Uthandi village is Rs 5,800 per sq.ft, as per the 2024 revision effective from 1 July 2024. This area falls under the Neelankarai SRO and is classified as Commercial Special Type - I.

How the guideline value of East Coast Road has changed

The guideline value for East Coast Road has undergone several revisions over the years. In 2003, the guideline value was Rs 310 per sq.ft, which saw a significant increase to Rs 2,000 per sq.ft in 2007. Following this, the value rose dramatically by 545% to Rs 5,250 per sq.ft in 2012. However, there was a decrease of 33% to Rs 3,517 per sq.ft in 2017. The value then increased by 49% to Rs 5,250 per sq.ft in 2023, and finally rose by 10% to the current value of Rs 5,800 per sq.ft in 2024.

The register has no figure for this street in 2002. Overall, from 2003 to 2024, the guideline value has increased by 1771%.

Guideline values in Uthandi

In Uthandi, there are 197 streets under the Neelankarai SRO, with a 2024 guideline value range from Rs 1,100 to Rs 14,700 per sq.ft. The median guideline value for these streets is Rs 1,700 per sq.ft, placing the East Coast Road guideline value above this median.

• Eden Garden: Rs 2,800 per sq.ft (2024)
• Dr.Rajan Salai: Rs 2,800 per sq.ft (2024)
• Elumalai Thottam: Rs 1,700 per sq.ft (2024)
• Dhanasekaran Garden: Rs 1,100 per sq.ft (2024)
• Dhanalakshmi Garden: Rs 1,100 per sq.ft (2024)
• Dhamodharam Garden: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in East Coast Road

For a 1,000 sq.ft plot at the current rate of Rs 5,800 per sq.ft, the guideline value would be Rs 58,00,000. The stamp duty at 7% would be Rs 4,06,000, and the registration fee at 2% would be Rs 1,16,000, totaling Rs 5,22,000. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers East Coast Road?

The East Coast Road is covered by 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 Uthandi

When buying or selling property in Uthandi, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is used as a benchmark to calculate these charges, ensuring that the transaction is registered at a fair value as per government regulations.

It is important to note that the guideline value is periodically revised, reflecting changes in the real estate market. Buyers and sellers should always check the latest guideline value to understand their financial obligations during a property transaction.

Frequently asked questions

What is the current guideline value of East Coast Road?

The current guideline value of East Coast Road in Uthandi village is Rs 5,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 310 per sq.ft in 2003 to Rs 5,800 per sq.ft in 2024, reflecting an overall increase of 1771% over the period.

What are the stamp duty and registration fees for property in East Coast Road?

For a property valued at Rs 58,00,000, the stamp duty is Rs 4,06,000 and the registration fee is Rs 1,16,000, totaling Rs 5,22,000.

Which office handles property registrations for East Coast Road?

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

What is the significance of the guideline value in property transactions?

The guideline value is used to calculate stamp duty and registration fees during property transactions, ensuring compliance with government regulations. It serves as a benchmark for the value of the property being registered.