Guideline Value for LOYAL ENCLAVE

Loyal Enclave guideline value

The current guideline value of Loyal Enclave, located in Okkiyamthuraipakkam village under the Neelankarai SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. This area falls under Residential Class II Type - II land classification.

How the guideline value of Loyal Enclave has changed

The guideline value for Loyal Enclave has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was then reduced to Rs 1,675 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,500 per sq.ft, and the most recent 2024 revision further raised it to Rs 2,800 per sq.ft.

From 2012 to 2017, there was a decrease of 33%, while from 2017 to 2023, the value increased significantly by 49%. The change from 2023 to 2024 reflects a 12% increase. Overall, from 2012 to 2024, the guideline value has increased by 12%.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Loyal Enclave's 2024 figure below this median.

• Mada Koil Street: Rs 4,400 per sq.ft (2024)
• Madha Koil 1st Street: Rs 4,400 per sq.ft (2024)
• Lakshmi Nagar Extension: Rs 2,200 per sq.ft (2024)
• Mahathma Gandhi Street: Rs 4,400 per sq.ft (2024)
• LAKSHMI NAGAR 1st STREET: Rs 2,200 per sq.ft (2024)
• Maiyur Puram: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Loyal Enclave

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total cost for these fees to Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Loyal Enclave?

The Loyal Enclave 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.

To find your SRO, you can visit this link.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Okkiyamthuraipakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the buyer must pay the stamp duty based on the higher value between the guideline value and the sale price. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Loyal Enclave?

The current guideline value of Loyal Enclave is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,800 per sq.ft in 2024.

What is the land classification for Loyal Enclave?

Loyal Enclave is classified as Residential Class II Type - II, which is important for determining its usage and development potential.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in Tamil Nadu is typically 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

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.