Guideline Value for NATURAL SPRINGS II

Natural Springs II guideline value

The current guideline value of Natural Springs II is Rs 4,400 per sq.ft. It is located in Okkiyamthuraipakkam village, under the Neelankarai SRO, and is classified as Residential Class I Type - I.

How the guideline value of Natural Springs II has changed

The guideline value for Natural Springs II has undergone several revisions over the years. The 2017 revision set the value at Rs 2,680 per sq.ft. This increased significantly to Rs 4,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 has further increased the guideline value to Rs 4,400 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO that carry a 2024 guideline value 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 the guideline value of Natural Springs II above this median.

• Natural Springs: Rs 6,100 per sq.ft (2024)
• Natesan Street: Rs 2,200 per sq.ft (2024)
• Navaneetham Ammal Street: Rs 1,100 per sq.ft (2024)
• Neelankarai To Thoraipakkam Link Road: Rs 3,300 per sq.ft (2024)
• NEHRU NAGAR 14th CROSS STREET: Rs 3,900 per sq.ft (2024)
• Nehru Nagar 1 St Street - 13 Th Cross Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Natural Springs II

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Natural Springs II?

The Sub Registrar Office that covers Natural Springs II 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 Okkiyamthuraipakkam

The guideline value is a crucial factor 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 registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the registration process is consistent and transparent, reflecting the value of the property based on the current guidelines.

Frequently asked questions

What is the current guideline value of Natural Springs II?

The current guideline value of Natural Springs II is Rs 4,400 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased by 64%, going from Rs 2,680 per sq.ft in 2017 to Rs 4,400 per sq.ft in 2024.

What is the land classification for Natural Springs II?

Natural Springs II is classified as Residential Class I Type - I, indicating its suitability 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 the stamp duty calculated for properties in Natural Springs II?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the guideline value of Rs 4,400 per sq.ft would incur a total stamp duty and registration fee of Rs 3,96,000.