Guideline Value for ELIM NAGAR 2ND CROSS STREET

Elim Nagar 2nd Cross Street guideline value

The current guideline value of Elim Nagar 2nd Cross Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Perungudi village under the Neelankarai SRO and is classified as Residential Class II Type - II.

How the guideline value of Elim Nagar 2nd Cross Street has changed

Over the years, the guideline value of Elim Nagar 2nd Cross Street has seen several revisions. The earliest recorded figure is from 2002, which was Rs 233 per sq.ft. This increased to Rs 420 per sq.ft in 2003, marking an 80% rise. The value then surged significantly to Rs 1,452 per sq.ft in 2007, reflecting a 246% increase. In 2012, the guideline value adjusted to Rs 3,000 per sq.ft, which was a decrease of 33%. The value remained the same in 2023 at Rs 3,000 per sq.ft before rising to Rs 3,300 per sq.ft in 2024, a 10% increase.

From 2017, when the value was Rs 2,010 per sq.ft, to 2023, there was a notable increase of 49%. Overall, from 2002 to 2024, the guideline value has increased by 1316%. There are no recorded figures for any other revisions for this street.

Guideline values in Perungudi

In Perungudi, there are 249 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 Elim Nagar 2nd Cross Street.

• Elim Nagar 1st Main Road: Rs 3,300 per sq.ft (2024)
• Elim Nagar 2nd Main Road: Rs 3,300 per sq.ft (2024)
• Elim Nagar 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Elim Nagar 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• Elim Nagar (Manthope 1st Cross Street): Rs 3,300 per sq.ft (2024)
• Elim Nagar (Manthope 1st Street): Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Elim Nagar 2nd Cross Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value would be Rs 33,00,000. The stamp duty, charged at 7%, would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, these fees would total 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 use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Elim Nagar 2nd Cross Street?

The Elim Nagar 2nd Cross Street 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 Perungudi

The guideline value plays a crucial role in the property registration process. It is the minimum value set by the government for property transactions and is used to calculate the stamp duty and registration fees payable at the time of registration. Buyers and sellers must consider this value to ensure compliance with legal requirements.

When a property is sold, the guideline value is compared with the sale price. The higher of the two is used to determine the applicable stamp duty. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Elim Nagar 2nd Cross Street?

The current guideline value of Elim Nagar 2nd Cross 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 233 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting a significant overall increase of 1316% over this period.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the total fees would be Rs 2,97,000.

Which Sub Registrar Office covers Elim Nagar 2nd Cross Street?

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

What is the land classification of Elim Nagar 2nd Cross Street?

The land classification of Elim Nagar 2nd Cross Street is Residential Class II Type - II, indicating its designation for residential use within the area.