Guideline Value for NEELA NAGAR EXTENSION

Neela Nagar Extension guideline value

The current guideline value of Neela Nagar Extension is Rs 2,750 per sq.ft, effective from 1 July 2024. This area 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 Extension has changed

The guideline value for Neela Nagar Extension has seen 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. The 2023 revision increased the value to Rs 2,500 per sq.ft, and the most recent revision in 2024 has set the value at Rs 2,750 per sq.ft.

From 2017 to 2023, there was a significant increase of 49%. In the transition from 2023 to 2024, the guideline value increased by 10%. 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 for these streets is Rs 2,200 per sq.ft, making Neela Nagar Extension's 2024 figure above that median.

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

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, bringing the total cost to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Neela Nagar Extension?

The Sub Registrar Office that covers Neela Nagar Extension 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 is a critical factor in the registration of property transactions in Medavakkam. It serves as a benchmark for determining the stamp duty and registration fees that are applicable when a property is sold or purchased.

When a buyer or seller engages in a property transaction, the guideline value is used to calculate the necessary fees, ensuring that the transaction is recorded accurately in the official register. This process helps maintain transparency and legality in property dealings.

Frequently asked questions

What is the current guideline value of Neela Nagar Extension?

The current guideline value of Neela Nagar Extension 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 of Neela Nagar Extension?

Neela Nagar Extension is classified as Commercial Class I Type - III.

How is the stamp duty calculated for properties in Neela Nagar Extension?

Stamp duty is 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 at a rate of 7%.

Where can I find the Sub Registrar Office for Neela Nagar Extension?

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