Guideline Value for NATURAL SPRINGS

Natural Springs guideline value

The current guideline value of Natural Springs in Okkiyamthuraipakkam village, under the Neelankarai SRO, is Rs 6,100 per sq.ft, effective from July 1, 2024. This area is classified as Residential Special Type - II.

How the guideline value of Natural Springs has changed

In the 2017 revision, the guideline value was set at Rs 3,685 per sq.ft. This increased significantly to Rs 5,500 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 has further increased the value to Rs 6,100 per sq.ft, which is an 11% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has risen by 66%. It is important to note that the register has no figures 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, 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 Natural Springs above this median.

• Natural Springs II: Rs 4,400 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

For a 1,000 sq.ft plot at the current guideline value of Rs 6,100 per sq.ft, the total guideline value would be Rs 61,00,000. The stamp duty at 7% would amount to Rs 4,27,000, and the registration fee at 2% would be Rs 1,22,000, bringing the total cost to Rs 5,49,000. It is important to note that the 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 Natural Springs?

The Sub Registrar Office that covers Natural Springs 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 property transactions in Okkiyamthuraipakkam, as it determines the minimum value at which properties 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 in compliance with legal requirements.

It is essential for buyers and sellers to be aware of the current guideline value, as it impacts the overall cost of property transactions. This value is regularly updated to reflect changes in the real estate market, ensuring transparency and fairness in property dealings.

Frequently asked questions

What is the current guideline value of Natural Springs?

The current guideline value of Natural Springs is Rs 6,100 per sq.ft, effective from July 1, 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 3,685 per sq.ft in 2017 to Rs 6,100 per sq.ft in 2024, marking an overall increase of 66% over this period.

What are the other streets in Okkiyamthuraipakkam?

Other streets in Okkiyamthuraipakkam include Natural Springs II, Natesan Street, Navaneetham Ammal Street, Neelankarai To Thoraipakkam Link Road, NEHRU NAGAR 14th CROSS STREET, and Nehru Nagar 1 St Street - 13 Th Cross Street, each with their respective guideline values.

What is the registration office for Natural Springs?

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

How is stamp duty calculated in Natural Springs?

Stamp duty in Natural Springs is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total guideline value is Rs 61,00,000, leading to a stamp duty of Rs 4,27,000 at 7%.