Guideline Value for NEELAMBATCHA SERI

Neelambatcha Seri guideline value

The current guideline value of Neelambatcha Seri is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village under the Mylapore SRO, with a land classification of Residential Class V Type - III.

How the guideline value of Neelambatcha Seri has changed

The guideline value for Neelambatcha Seri has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in the 2017 revision. However, the subsequent 2023 revision increased the value to Rs 3,000 per sq.ft, followed by another increase to Rs 3,300 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, the value rose significantly by 49%. When looking at the overall change from 2012 to 2024, there has been a 10% increase. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, indicating that Neelambatcha Seri's 2024 figure is below this median.

• Neelambatcha Dharga (1 To 11 Street): Rs 3,300 per sq.ft (2024)
• Neelambatcha Dharga: Rs 3,300 per sq.ft (2024)
• Nattu Veerachi Mudali Street: Rs 8,800 per sq.ft (2024)
• Nattu Subbraya Mudali 2nd Lane: Rs 8,800 per sq.ft (2024)
• Nattu Subbaraya Mudali Street: Rs 8,800 per sq.ft (2024)
• Nattu Subbaraya Mudali 1st Lane: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Neelambatcha Seri

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost to Rs 2,97,000. 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 Neelambatcha Seri?

The Sub Registrar Office that covers Neelambatcha Seri is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Neelambatcha Seri?

The current guideline value of Neelambatcha Seri is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, marking a 10% increase. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012, showing significant fluctuations over the years.

What are the stamp duty rates for property in Neelambatcha Seri?

The stamp duty for property in Neelambatcha Seri is currently 7% of the guideline value or sale price, whichever is higher. For example, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000.

Where can I find the Sub Registrar Office for Neelambatcha Seri?

The Sub Registrar Office for Neelambatcha Seri is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How does the guideline value affect property transactions?

The guideline value affects property transactions by determining the stamp duty and registration fees that buyers must pay. It acts as a reference point for the valuation of properties during registration.