Guideline Value for Habiba Street

Habiba Street guideline value

The current guideline value of Habiba Street in Neelankarai village, under the Neelankarai SRO, is Rs 1,700 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III Type - I.

How the guideline value of Habiba Street has changed

The guideline value of Habiba Street has seen several revisions over the years. In 2002, the value was Rs 102 per sq.ft, which increased to Rs 111 per sq.ft in 2003. Following that, there was a significant rise to Rs 977 per sq.ft in 2007. The value then increased to Rs 1,500 per sq.ft in 2012. However, it decreased to Rs 1,005 per sq.ft in 2017 before rising again to Rs 1,500 per sq.ft in 2023. The most recent revision in 2024 set the value at Rs 1,700 per sq.ft.

In terms of percentage changes, the guideline value increased by 9% from 2002 to 2003, followed by a substantial 780% increase from 2003 to 2007. The value then rose by 54% from 2007 to 2012, but saw a decrease of 33% from 2012 to 2017. After that, there was a 49% increase from 2017 to 2023, and finally, a 13% increase from 2023 to 2024. Overall, the guideline value has increased by 1567% from 2002 to 2024.

Guideline values in Neelankarai

In Neelankarai, there are 377 streets under the Neelankarai SRO that carry a 2024 guideline value 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 Habiba Street's 2024 value below that median.

• Govind Nagar, Singaravelan Salai 10th Cross Street: Rs 3,300 per sq.ft (2024)
• Indira Gandhi Street: Rs 1,700 per sq.ft (2024)
• Iswaran Koil Street: Rs 1,700 per sq.ft (2024)
• Gandhi Nagar Main Road: Rs 1,700 per sq.ft (2024)
• Gandhi Nagar 2nd Cross Street: Rs 1,700 per sq.ft (2024)
• Gandhi Nagar 1st Cross Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Habiba Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty, calculated at 7%, would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000. Together, the total cost for stamp duty and registration fees would be Rs 1,53,000. 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 further calculations.

Which Sub Registrar Office covers Habiba Street?

The Sub Registrar Office that covers Habiba 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 Neelankarai

The guideline value is an essential factor in property transactions in Neelankarai. It serves as a benchmark for determining the minimum price at which a property can be registered. When buying or selling property, the guideline value is referred to for calculating stamp duty and registration fees.

During registration, the authorities will assess the property based on the guideline value to ensure compliance with legal requirements. Buyers and sellers should be aware of the guideline value to understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Habiba Street?

The current guideline value of Habiba Street is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of Habiba Street has changed several times, with the most recent increase of 13% from Rs 1,500 per sq.ft in 2023 to Rs 1,700 per sq.ft in 2024. Overall, it has increased by 1567% since 2002.

What is the land classification for Habiba Street?

Habiba Street is classified as Residential Class III Type - I, indicating its designated use for residential purposes.

What are the stamp duty and registration fees for properties on Habiba Street?

For a 1,000 sq.ft property at the current guideline value, the total stamp duty and registration fees would amount to Rs 1,53,000, based on the guideline value of Rs 17,00,000.

Where is the Sub Registrar Office for Habiba Street located?

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