Guideline Value for INDUSTRIAL ESTATE

Industrial Estate guideline value

The current guideline value for Industrial Estate in Seevaram village, under the Neelankarai SRO, is Rs 6,400 per sq.ft, effective from 1 July 2024. This value is classified under Industries Type - I.

How the guideline value of Industrial Estate has changed

The guideline value for Industrial Estate has seen significant changes over the years. Starting from the 2002 revision, the value was Rs 233 per sq.ft. This increased to Rs 1,000 per sq.ft in 2003, marking a substantial rise of 329%. The value continued to rise, reaching Rs 1,236 per sq.ft in 2007, an increase of 24%. However, there was a notable jump to Rs 5,750 per sq.ft in 2012, which represented a remarkable 365% increase. The 2017 revision saw a decrease to Rs 3,852 per sq.ft, a decline of 33%. Following this, the value rose again to Rs 5,750 per sq.ft in 2023, and finally, it reached the current value of Rs 6,400 per sq.ft in 2024, reflecting an increase of 11%.

Overall, from 2002 to 2024, the guideline value has increased by 2,647%, showcasing the changes in property valuation over the years.

Guideline values in Seevaram

In Seevaram, there are 84 streets under the Neelankarai SRO carrying a 2024 guideline value ranging from Rs 1,100 to Rs 8,300 per sq.ft, with a median value of Rs 2,800 per sq.ft. The guideline value for Industrial Estate is above this median.

• Janakiraman Street: Rs 3,300 per sq.ft (2024)
• Ganapathi Nagar: Rs 2,800 per sq.ft (2024)
• Karseem Salai: Rs 2,200 per sq.ft (2024)
• Corporation Road: Rs 4,400 per sq.ft (2024)
• Lakshmi Nagar: Rs 2,200 per sq.ft (2024)
• L.R.D.Avenue: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Industrial Estate

For a 1,000 sq.ft plot at the current guideline value of Rs 6,400 per sq.ft, the total guideline value would be Rs 64,00,000. The stamp duty at 7% would amount to Rs 4,48,000, and the registration fee at 2% would be Rs 1,28,000. Together, the total amount for duty and registration would be Rs 5,76,000. 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 assistance.

Which Sub Registrar Office covers Industrial Estate?

The Industrial Estate falls under the jurisdiction of 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 Seevaram

The guideline value is a crucial factor during the registration of property transactions in Seevaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold. Buyers and sellers must consider this value to ensure compliance with legal requirements during the registration process.

When a property is registered, the guideline value is used to calculate the applicable duties and fees. It is essential for both parties to be aware of the current guideline value to avoid any discrepancies during the transaction.

Frequently asked questions

What is the current guideline value for Industrial Estate?

The current guideline value for Industrial Estate in Seevaram village is Rs 6,400 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 233 per sq.ft in 2002 to Rs 6,400 per sq.ft in 2024, reflecting an overall increase of 2,647%.

What is the median guideline value in Seevaram?

The median guideline value for the 84 streets in Seevaram is Rs 2,800 per sq.ft, with Industrial Estate being above this median.

What are the stamp duty and registration fees for a property in Industrial Estate?

For a property valued at Rs 64,00,000, the stamp duty would be Rs 4,48,000 and the registration fee would be Rs 1,28,000, totaling Rs 5,76,000.

Which office handles registrations for Industrial Estate?

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