Guideline Value for NEELAKANTA MEHTA STREET

Neelakanta Mehta Street guideline value

The current guideline value of Neelakanta Mehta Street is Rs 14,300 per sq.ft, effective from 1 July 2024. This street is located in Tnagar village, under the Thiyagaraya nagar SRO, and is classified as Mixed Special Type - I.

How the guideline value of Neelakanta Mehta Street has changed

The guideline value for Neelakanta Mehta Street has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 1,698 per sq.ft. It increased to Rs 1,885 per sq.ft in 2003, followed by a significant rise to Rs 4,800 per sq.ft in 2007. The 2012 revision saw a decrease to Rs 13,000 per sq.ft, which was then followed by a further increase to Rs 8,710 per sq.ft in 2017. The value rose sharply to Rs 13,000 per sq.ft in the 2023 revision, and finally, it stands at Rs 14,300 per sq.ft as per the 2024 revision.

Between the revisions, the most notable changes include a 171% increase from 2007 to 2012, and a 49% increase from 2017 to 2023. The overall change from 2002 to 2024 is a remarkable 742%. There are no figures available for the revisions in years other than those listed.

Guideline values in Tnagar

In Tnagar, there are 262 streets under the Thiyagaraya nagar SRO that carry a 2024 guideline value ranging from Rs 4,400 to Rs 27,500 per sq.ft. The median value is Rs 11,000 per sq.ft, placing Neelakanta Mehta Street's 2024 figure above that median.

• Nathamuni Street: Rs 11,000 per sq.ft (2024)
• Natesan Street: Rs 13,200 per sq.ft (2024)
• Nandhi Loop Street: Rs 5,500 per sq.ft (2024)
• New Boag Road: Rs 9,900 per sq.ft (2024)
• Nana Street: Rs 13,200 per sq.ft (2024)
• New Giri Ist Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Neelakanta Mehta Street

For a 1,000 sq.ft plot at the current rate of Rs 14,300 per sq.ft, the guideline value amounts to Rs 1,43,00,000. The stamp duty at 7% would be Rs 10,01,000, and the registration fee at 2% would be Rs 2,86,000, bringing the total to Rs 12,87,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Neelakanta Mehta Street?

The Sub Registrar Office that covers Neelakanta Mehta Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35. You can find your SRO for more details.

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

When buying or selling property in Tnagar, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is set by the government and is used as a benchmark for property transactions to ensure that the correct fees are collected.

During the registration process, the higher of the guideline value and the sale price is considered for calculating the applicable duties and fees. This ensures that all transactions are fairly assessed based on the established guideline values.

Frequently asked questions

What is the current guideline value of Neelakanta Mehta Street?

The current guideline value of Neelakanta Mehta Street is Rs 14,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,698 in 2002 to Rs 14,300 in 2024, reflecting a total increase of 742% over the years.

What is the median guideline value in Tnagar?

The median guideline value in Tnagar is Rs 11,000 per sq.ft, with Neelakanta Mehta Street's value being above this median at Rs 14,300 per sq.ft.

What are the stamp duty and registration fees for property in Neelakanta Mehta Street?

For a property valued at Rs 1,43,00,000, the stamp duty would be Rs 10,01,000 and the registration fee would be Rs 2,86,000, totaling Rs 12,87,000.

Where is the Sub Registrar Office for Neelakanta Mehta Street located?

The Sub Registrar Office for Neelakanta Mehta Street is located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35.