Guideline Value

Corporate

Guideline Value for NEELA NAGAR MAIN ROAD

₹2750/sq.ft.

The guideline value for Neela Nagar Main Road in Medavakkam village (Chennai South Joint I SRO, Chennai zone) is Rs 2750 per sq.ft, effective 1 July 2024. It was Rs 2500 per sq.ft from 1 April 2023, a 10% change. The land classification is Commercial Class I Type - Iii. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Medavakkam

Village

Chennai South Joint I

SRO

Commercial Class I Type - III
History
Period Guideline Value
From 1-7-2024 ₹2750 /sq.ft.
From 1-4-2023 ₹2500 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹1675 /sq.ft.
From 1-4-2012 To 8-6-2017 ₹2500 /sq.ft.
From 1-8-2007 To 31-3-2012 N/A
From 1-4-2003 To 31-7-2007 N/A
From 1-4-2002 To 31-3-2003 N/A
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

Integrated Building For Offices Of The Commerrcial Taxes And Registrations Department ,fanepet Nandanam ,chennai -600 035
044-29510536
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Neela Nagar Main Road

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Neela Nagar Main Road guideline value

The current guideline value of Neela Nagar Main Road is Rs 2,750 per sq.ft, effective from 1 July 2024. This road is located in Medavakkam village, under the Chennai South Joint I SRO, and is classified as Commercial Class I Type - III.

How the guideline value of Neela Nagar Main Road has changed

The guideline value for Neela Nagar Main Road has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,750 per sq.ft, an increase from Rs 2,500 per sq.ft in 2023, marking a 10% rise. Prior to that, the value was Rs 1,675 per sq.ft in 2017, which represents a significant increase of 49% from that year to 2023. The register has no figures for the years 2002, 2003, and 2007.

Looking further back, the guideline value was Rs 2,500 per sq.ft in 2012, which was a decrease of 33% from the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by 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 value among these streets is Rs 2,200 per sq.ft, placing Neela Nagar Main Road's 2024 figure above this median.

Stamp duty and registration fee for property in Neela Nagar Main Road

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 to 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 use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Neela Nagar Main Road?

The Sub Registrar Office that covers Neela Nagar Main Road 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 is a crucial element in the registration process for property transactions in Medavakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the guideline value is used to calculate the applicable charges, ensuring that both buyers and sellers are aware of the financial implications of their transactions. This helps maintain transparency in the real estate market.

Frequently asked questions

What is the current guideline value of Neela Nagar Main Road?

The current guideline value of Neela Nagar Main Road 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 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, with various revisions in between, including Rs 2,500 in 2023 and Rs 2,500 in 2012.

What is the classification of Neela Nagar Main Road?

Neela Nagar Main Road is classified as Commercial Class I Type - III, indicating its suitability for commercial activities.

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

The Sub Registrar Office for Neela Nagar Main Road is 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 property in Neela Nagar Main Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 27,50,000 would incur a stamp duty of Rs 1,92,500 at a rate of 7%.