Guideline Value for NEELA NAGAR 2ND CROSS STREET

Neela Nagar 2nd Cross Street guideline value

The current guideline value of Neela Nagar 2nd 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 2nd Cross Street has changed

The guideline value for Neela Nagar 2nd Cross Street has undergone several revisions over the years. The earliest recorded revision is from 2012, where the guideline value was Rs 2,500 per sq.ft. This was followed by a decrease to Rs 1,675 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,500 per sq.ft, which represents a rise of 49%. The most recent revision in 2024 set the guideline value at Rs 2,750 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has seen a net increase of 10%.

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 for these streets is Rs 2,200 per sq.ft, placing Neela Nagar 2nd Cross Street's 2024 figure above this median.

• Neela Nagar 1st 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 2nd 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, charged at 7%, would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, these fees would total 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.

For more details, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Neela Nagar 2nd Cross Street?

The Sub Registrar Office that covers Neela Nagar 2nd 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 information.

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

The guideline value plays a crucial role during the registration of property transactions in Medavakkam. It serves as a reference point for determining the stamp duty and registration fees that need to be paid. Buyers and sellers must be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

When purchasing property, it is essential to consider the guideline value as it directly impacts the overall cost of the transaction. Ensuring compliance with the guideline value can help avoid any legal complications during the registration process.

Frequently asked questions

What is the current guideline value of Neela Nagar 2nd Cross Street?

The current guideline value of Neela Nagar 2nd 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 back 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 2nd Cross Street?

The land classification for Neela Nagar 2nd Cross Street is Commercial Class I Type - III.

Where can I find the Sub Registrar Office for Neela Nagar 2nd Cross Street?

The Sub Registrar Office for Neela Nagar 2nd Cross Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000.