Guideline Value for FOUNDRY ROAD

Foundry Road guideline value

The current guideline value of Foundry Road is Rs 6,100 per sq.ft, effective from 1 July 2024. This street is located in Okkiyamthuraipakkam village under the Neelankarai SRO, classified as Residential Special Type - II.

How the guideline value of Foundry Road has changed

Over the years, the guideline value of Foundry Road has seen several revisions. The 2007 revision recorded a value of Rs 2,500 per sq.ft, which increased significantly to Rs 5,500 per sq.ft in 2012, marking a 120% rise. However, from 2012 to 2017, the value decreased to Rs 3,685 per sq.ft, representing a decline of 33%. The value then rose to Rs 5,500 per sq.ft in 2023, and the latest revision in 2024 set the value at Rs 6,100 per sq.ft, an increase of 11% from the previous year.

In summary, the guideline value has increased from Rs 2,500 per sq.ft in 2007 to Rs 6,100 per sq.ft in 2024, reflecting an overall increase of 144% over this period. The revisions for the years 2002 and 2003 do not have any figures available for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with 2024 guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for the area is Rs 3,300 per sq.ft, placing Foundry Road's 2024 figure above this median.

• Fortts Avenue: Rs 4,400 per sq.ft (2024)
• Gandhi Street: Rs 1,700 per sq.ft (2024)
• Ellaiamman Nagar: Rs 1,100 per sq.ft (2024)
• Elim Nagar (Near Omr): Rs 4,400 per sq.ft (2024)
• Ganesh Nagar: Rs 2,200 per sq.ft (2024)
• Ganesh Nagar 1 St Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Foundry Road

For a 1,000 sq.ft plot at the current guideline value of Rs 6,100 per sq.ft, the total guideline value amounts to Rs 61,00,000. The stamp duty at 7% would be Rs 4,27,000, and the registration fee at 2% would be Rs 1,22,000, resulting in a total of Rs 5,49,000. 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 detailed calculations.

Which Sub Registrar Office covers Foundry Road?

The Sub Registrar Office that covers Foundry Road is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your SRO, you can visit find your SRO.

How the guideline value is used when you buy or sell in Okkiyamthuraipakkam

The guideline value plays a crucial role in the registration process of property transactions in Okkiyamthuraipakkam. It is used to determine the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, it is essential to be aware of the guideline value as it can affect the overall costs involved in the transaction. Buyers should ensure that the sale price is not lower than the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Foundry Road?

The current guideline value of Foundry Road is Rs 6,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 2,500 per sq.ft in 2007 to Rs 6,100 per sq.ft in 2024, with various revisions in between.

What is the land classification of Foundry Road?

Foundry Road is classified as Residential Special Type - II under the Neelankarai SRO.

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.

How is stamp duty calculated for properties on Foundry Road?

Stamp duty is calculated at 7% on the guideline value or sale price, whichever is higher. For example, a property valued at Rs 61,00,000 incurs a stamp duty of Rs 4,27,000.