Guideline Value for NEELA NAGAR 1ST CROSS STREET

Neela Nagar 1st Cross Street guideline value

The current guideline value of Neela Nagar 1st Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Commercial Class I Type - III.

How the guideline value of Neela Nagar 1st Cross Street has changed

The guideline value for Neela Nagar 1st Cross Street has seen several revisions over the years. In 2012, the guideline value was Rs 2,500 per sq.ft. This figure decreased to Rs 1,675 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,500 per sq.ft in 2023. The most recent revision in 2024 has set the guideline value at Rs 2,750 per sq.ft, marking an increase of 10% from the previous year.

Looking at the changes between revisions, from 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, placing Neela Nagar 1st Cross Street's 2024 figure above that median.

• Neela Nagar 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Neela Nagar 3rd Cross Street: Rs 2,750 per sq.ft (2024)
• Neela Nagar Extension: Rs 2,750 per sq.ft (2024)
• Neela Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Nayagam Street: Rs 1,870 per sq.ft (2024)
• Natesan Street: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Neela Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000. Together, the total cost for these fees would be Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Neela Nagar 1st Cross Street?

The Sub Registrar Office that covers Neela Nagar 1st Cross Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Medavakkam. It serves as the basis for calculating the stamp duty and registration fees that must be paid at the time of registration. Buyers and sellers should be aware that the guideline value is used to determine the official value of the property for these purposes.

When a property is registered, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property as determined by the guideline value.

Frequently asked questions

What is the current guideline value of Neela Nagar 1st Cross Street?

The current guideline value of Neela Nagar 1st Cross Street is Rs 2,750 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 to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification for Neela Nagar 1st Cross Street?

The land classification for Neela Nagar 1st Cross Street is Commercial Class I Type - III.

Where can I find the Sub Registrar Office for Neela Nagar 1st Cross Street?

The Sub Registrar Office for Neela Nagar 1st Cross Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for properties in Neela Nagar 1st Cross Street?

The stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a total stamp duty of Rs 1,92,500.