Guideline Value for IRATTAI MALAI SRINIVASAN STREET

Irattai Malai Srinivasan Street guideline value

The current guideline value of Irattai Malai Srinivasan Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Chemmancheri village, under the Neelankarai SRO, and falls under Residential Class IV Type - I land classification.

How the guideline value of Irattai Malai Srinivasan Street has changed

Over the years, the guideline value of Irattai Malai Srinivasan Street has seen several revisions. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in 2017. Following this, the 2023 revision increased the value to Rs 1,500 per sq.ft, and the latest revision in 2024 has raised it further to Rs 1,700 per sq.ft. This reflects a 13% increase from 2023 to 2024, and a significant 49% increase from 2017 to 2023. Overall, from 2012 to 2024, the guideline value has increased by 13%.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. The changes observed indicate fluctuations in the guideline value, highlighting the adjustments made over the years.

Guideline values in Chemmancheri

In Chemmancheri, there are 195 streets under the Neelankarai SRO, with the 2024 guideline values ranging from Rs 1,000 to Rs 6,600 per sq.ft. The median guideline value for the area is Rs 1,700 per sq.ft, which is equal to the current guideline value of Irattai Malai Srinivasan Street.

• Jagajeevanram Salai: Rs 3,300 per sq.ft (2024)
• Indira Gandhi Street: Rs 1,700 per sq.ft (2024)
• Jamela Begum Garden: Rs 2,800 per sq.ft (2024)
• Igp Ganesh Nagar: Rs 2,800 per sq.ft (2024)
• Hussian Garden: Rs 1,100 per sq.ft (2024)
• Janani Homes/ Janani's Cm Enclave: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Irattai Malai Srinivasan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total charges to Rs 1,53,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more details on fees applicable to your property transaction.

Which Sub Registrar Office covers Irattai Malai Srinivasan Street?

The Irattai Malai Srinivasan Street 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 Chemmancheri

The guideline value is a crucial factor in property transactions in Chemmancheri, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that all transactions are conducted at a fair and regulated value.

During the registration process, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the state government receives appropriate revenue from property transactions, which is essential for maintaining public services and infrastructure.

Frequently asked questions

What is the current guideline value of Irattai Malai Srinivasan Street?

The current guideline value of Irattai Malai Srinivasan 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 has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,700 per sq.ft in 2024.

What is the land classification of Irattai Malai Srinivasan Street?

Irattai Malai Srinivasan Street is classified as Residential Class IV Type - I, indicating its designated use for residential purposes.

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 property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 17,00,000, the stamp duty would be Rs 1,19,000 at a rate of 7%.