Guideline Value for NEELAKANDA MUDALIAR STREET

Neelakanda Mudaliar Street guideline value

The current guideline value of Neelakanda Mudaliar Street is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is located in Vanagaram village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - III.

How the guideline value of Neelakanda Mudaliar Street has changed

The guideline value for Neelakanda Mudaliar Street has seen several revisions over the years. In 2002, the guideline value was Rs 91 per sq.ft. This increased to Rs 105 per sq.ft in 2003, marking a 15% rise. The value then experienced significant growth, reaching Rs 500 per sq.ft in 2007, which was a 376% increase from the previous figure. In 2012, the value was Rs 1,000 per sq.ft, reflecting a 100% increase from 2007. However, it dropped to Rs 670 per sq.ft in 2017, a decline of 33%. The guideline value then rose to Rs 1,000 per sq.ft in 2023, and currently stands at Rs 1,100 per sq.ft in 2024, showing a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,109%. Notably, there are no figures available for the revisions in years other than those listed above.

Guideline values in Vanagaram

In Vanagaram, there are 287 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 770 to Rs 5,500 per sq.ft, with a median value of Rs 1,660 per sq.ft. Neelakanda Mudaliar Street's 2024 figure is below this median.

• Neelavathy Nagar: Rs 1,100 per sq.ft (2024)
• Muthumariamman Street: Rs 1,100 per sq.ft (2024)
• Odama Varasidhi Vinayagar Koil Street / Valliammal Nagar: Rs 1,100 per sq.ft (2024)
• Murugappan Naickar Street: Rs 1,100 per sq.ft (2024)
• Om Sakthi Nagar: Rs 1,650 per sq.ft (2024)
• Om Sakthi Nagar 1st Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Neelakanda Mudaliar Street

For a 1,000 sq.ft plot at the current rate of Rs 1,100 per sq.ft, the guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Neelakanda Mudaliar Street?

The Sub Registrar Office covering Neelakanda Mudaliar 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 Vanagaram

When buying or selling property in Vanagaram, the guideline value is used as a benchmark for calculating stamp duty and registration fees. This ensures that the transaction is registered at a value that reflects the current market conditions as determined by the government.

The guideline value helps in establishing a fair price for property transactions, ensuring that both buyers and sellers are aware of the minimum valuation set by the authorities. It is crucial for buyers to consider this value when negotiating the sale price of a property.

Frequently asked questions

What is the current guideline value of Neelakanda Mudaliar Street?

The current guideline value of Neelakanda Mudaliar Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 91 per sq.ft in 2002 to Rs 1,100 per sq.ft in 2024, reflecting an overall increase of 1,109% over the years.

What are the other streets in Vanagaram with the same guideline value?

Other streets in Vanagaram that share the same guideline value of Rs 1,100 per sq.ft for 2024 include Neelavathy Nagar, Muthumariamman Street, Odama Varasidhi Vinayagar Koil Street / Valliammal Nagar, and Murugappan Naickar Street.

What is the registration fee for property in Neelakanda Mudaliar Street?

The registration fee for property in Neelakanda Mudaliar Street is calculated based on the guideline value. For instance, for a property valued at Rs 11,00,000, the registration fee at 2% would be Rs 22,000.

Where can I find the Sub Registrar Office for Neelakanda Mudaliar Street?

The Sub Registrar Office for Neelakanda Mudaliar Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find more details by visiting the appropriate link.