Guideline Value for I.Neelavathy Nagar

I.Neelavathy Nagar guideline value

The current guideline value of I.Neelavathy Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of I.Neelavathy Nagar has changed

The guideline value for I.Neelavathy Nagar has undergone several revisions over the years. The earliest recorded figure was in 2007, set at Rs 1,500 per sq.ft. This value saw a significant increase in the 2012 revision, where it remained unchanged at Rs 3,500 per sq.ft. The next revision occurred in 2023, where it again stayed at Rs 3,500 per sq.ft, before rising to Rs 3,850 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

There are no recorded figures for the years 2002, 2003, and 2017 for I.Neelavathy Nagar. Overall, from 2007 to 2024, the guideline value has increased by 157%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value of I.Neelavathy Nagar is below this median.

• Inner Ring Road (newly formed): Rs 5,500 per sq.ft (2024)
• Indira Nagar 6th Street: Rs 3,850 per sq.ft (2024)
• Indira Nagar 5th Street: Rs 3,850 per sq.ft (2024)
• Indira Nagar 4th Street: Rs 3,850 per sq.ft (2024)
• Indira Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Indira Nagar 2nd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in I.Neelavathy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers I.Neelavathy Nagar?

The Sub Registrar Office that covers I.Neelavathy Nagar is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is an essential factor during property registration in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government collects appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the legal value of the property. It is crucial for buyers to be aware of the guideline value to ensure they are paying a fair price and to prepare for the associated costs of registration.

Frequently asked questions

What is the current guideline value of I.Neelavathy Nagar?

The current guideline value of I.Neelavathy Nagar is Rs 3,850 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 1,500 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 157%.

What is the land classification of I.Neelavathy Nagar?

I.Neelavathy Nagar is classified as Residential Class II Type - III, which is important for understanding its usage and potential development.

What are the stamp duty and registration fees for properties here?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles registrations for I.Neelavathy Nagar?

The Velacheri Sub Registrar Office handles registrations for I.Neelavathy Nagar, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.