Guideline Value for MOSQUE STREET

Mosque Street guideline value

The current guideline value of Mosque Street in Palavakkam village, under the Neelankarai SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Mosque Street has changed

The guideline value for Mosque Street has undergone several revisions over the years. In 2002, the value was Rs 179 per sq.ft, which increased to Rs 300 per sq.ft in 2003, marking a 68% rise. The value then saw a significant jump to Rs 1,000 per sq.ft in 2007, reflecting a 233% increase. By 2012, the value was Rs 2,500 per sq.ft, a 150% increase from the previous revision. However, it dropped to Rs 1,675 per sq.ft in 2017, indicating a decline of 33%.

In 2023, the guideline value rose to Rs 2,500 per sq.ft, a 49% increase from 2017. The most recent revision in 2024 set the value at Rs 2,800 per sq.ft, which is a 12% increase from the previous year. There are no figures available for the revisions in years other than those mentioned.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing Mosque Street's 2024 figure below this median.

• Murasolimaran Street: Rs 3,300 per sq.ft (2024)
• M.G.R. Road 6th Cross Street: Rs 5,500 per sq.ft (2024)
• M.G.R. Road 5th Cross Street: Rs 5,500 per sq.ft (2024)
• M.G.R. Road 4th Cross Street: Rs 5,500 per sq.ft (2024)
• M.G.R. Road 3rd Cross Street: Rs 5,500 per sq.ft (2024)
• M.G.R. Road 2nd Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Mosque Street

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

Which Sub Registrar Office covers Mosque Street?

The Sub Registrar Office covering Mosque Street is 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 Palavakkam

The guideline value plays a crucial role in the registration process when buying or selling property in Palavakkam. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. The higher of the guideline value or the sale price will be considered for calculating these fees.

When a property is registered, the guideline value ensures that the transaction is documented at a value that reflects the area's pricing standards. This helps maintain transparency and accountability in property transactions within the region.

Frequently asked questions

What is the current guideline value of Mosque Street?

The current guideline value of Mosque Street 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 significantly from Rs 179 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, showing an overall increase of 1464% over the years.

What is the land classification of Mosque Street?

Mosque Street is classified as Residential Class III Type - I, which is important for understanding the zoning and usage regulations in the area.

What are the stamp duty rates for property transactions in Mosque Street?

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

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.