Guideline Value for LINGESAN GARDEN

Lingesan Garden guideline value

The current guideline value of Lingesan Garden is Rs 1,700 per sq.ft, effective from 1 July 2024. This area is located in Chemmancheri village under the Neelankarai SRO, classified as Residential Class IV Type - I.

How the guideline value of Lingesan Garden has changed

The guideline value for Lingesan Garden has seen several revisions over the years. In 2012, the value was Rs 1,500 per sq.ft, which decreased to Rs 1,005 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,500 per sq.ft in 2023, and then further rose to Rs 1,700 per sq.ft in the 2024 revision, marking a 13% increase from the previous year.

From 2017 to 2023, the value increased by 49%. Overall, comparing the 2012 and 2024 figures, there has been a 13% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Chemmancheri

In Chemmancheri, there are 195 streets under the Neelankarai SRO that have a 2024 guideline value ranging from Rs 1,000 to Rs 6,600 per sq.ft. The median value for these streets is Rs 1,700 per sq.ft, which is equal to the current guideline value for Lingesan Garden.

• Madhusudanam Garden: Rs 1,100 per sq.ft (2024)
• Madhu Sudanam Garden (Near Omr): Rs 1,700 per sq.ft (2024)
• Mahathma Gandhi Street: Rs 3,300 per sq.ft (2024)
• Kuthus Garden II: Rs 3,300 per sq.ft (2024)
• Kuthus Garden - I: Rs 3,300 per sq.ft (2024)
• Manavalan Garden: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Lingesan Garden

For a 1,000 sq.ft plot at the current rate of Rs 1,700 per sq.ft, the guideline value amounts to 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, totaling Rs 1,53,000. 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 further calculations.

Which Sub Registrar Office covers Lingesan Garden?

The Lingesan Garden area falls under 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 when buying or selling property in Chemmancheri. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that both the buyer and seller are aware of the official valuation of the property.

When a property transaction occurs, the guideline value helps determine the applicable taxes and fees, which are essential for the registration process. This value is used to assess the financial obligations that arise during the transfer of property ownership.

Frequently asked questions

What is the current guideline value of Lingesan Garden?

The current guideline value of Lingesan Garden 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 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 Lingesan Garden?

Lingesan Garden is classified as Residential Class IV Type - I under the Neelankarai SRO.

What are the stamp duty rates for property transactions?

The stamp duty rate is 7% of the guideline value or the sale price, whichever is higher, while the registration fee is 2% of the guideline value.

Where is the Neelankarai Sub Registrar Office located?

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