Guideline Value for East Coast Road (New Mahabalipuram Road)

East Coast Road (New Mahabalipuram Road) guideline value

The current guideline value for East Coast Road (New Mahabalipuram Road) in Neelankarai village is Rs 8,300 per sq.ft, effective from 1 July 2024. This area falls under the Neelankarai SRO and is classified as Commercial Class I Type - I.

How the guideline value of East Coast Road (New Mahabalipuram Road) has changed

The guideline value for East Coast Road (New Mahabalipuram Road) has seen several revisions over the years. In 2002, the guideline value was Rs 409 per sq.ft. This increased to Rs 685 per sq.ft in 2003, marking a rise of 67%. The value further climbed to Rs 2,000 per sq.ft in 2007, reflecting a significant increase of 192%. In 2012, the value was Rs 7,500 per sq.ft, which was a notable jump of 275% from the previous revision.

From 2012 to 2017, the guideline value dropped to Rs 5,025 per sq.ft, indicating a decrease of 33%. The value then rose again to Rs 7,500 per sq.ft in 2023, before reaching the current figure of Rs 8,300 per sq.ft in 2024, which is an increase of 11% from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1929%.

Guideline values in Neelankarai

In Neelankarai, there are 377 streets under the Neelankarai SRO, with 2024 guideline values ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing East Coast Road (New Mahabalipuram Road) above this median.

• Electronic & Electrical Industrial Develop Plot Estate: Rs 6,400 per sq.ft (2024)
• Ellaiamman Koil 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Ellaiamman Koil 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Ellaiamman Koil 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Ellaiamman Koil 4th Cross Street: Rs 2,200 per sq.ft (2024)
• Ellaiamman Koil Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in East Coast Road (New Mahabalipuram Road)

For a 1,000 sq.ft plot at the current guideline value of Rs 8,300 per sq.ft, the total guideline value would be Rs 83,00,000. The stamp duty at 7% would amount to Rs 5,81,000, while the registration fee at 2% would be Rs 1,66,000, bringing the total to Rs 7,47,000. Please note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers East Coast Road (New Mahabalipuram Road)?

The East Coast Road (New Mahabalipuram Road) falls under 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 Neelankarai

The guideline value is a crucial factor in the registration process when buying or selling property in Neelankarai. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property as per the established guidelines.

Frequently asked questions

What is the current guideline value for East Coast Road (New Mahabalipuram Road)?

The current guideline value for East Coast Road (New Mahabalipuram Road) is Rs 8,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 409 per sq.ft in 2002 to Rs 8,300 per sq.ft in 2024, showing a significant overall increase of 1929% over this period.

What is the median guideline value for streets in Neelankarai?

The median guideline value for streets in Neelankarai is Rs 2,200 per sq.ft, with East Coast Road (New Mahabalipuram Road) being above this median.

What are the stamp duty rates applicable in Neelankarai?

The stamp duty rate in Neelankarai is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Neelankarai Sub Registrar Office?

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