Guideline Value for NEELAVATHY NAGAR (NEELA NAGAR)

Neelavathy Nagar (Neela Nagar) guideline value

The current guideline value of Neelavathy Nagar (Neela Nagar) is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Special Type - I.

How the guideline value of Neelavathy Nagar (Neela Nagar) has changed

Over the years, the guideline value of Neelavathy Nagar (Neela Nagar) has seen significant changes. The 2012 revision set the value at Rs 2,500 per sq.ft, which was a decrease of 33% from the previous revision in 2017, where the value was Rs 1,675 per sq.ft. The 2023 revision increased the value to Rs 2,500 per sq.ft, and the latest revision in 2024 raised it to Rs 2,750 per sq.ft, marking a 10% increase.

Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that the register has no figure for the years 2002, 2003, and 2007 for this street.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, making the 2024 figure for Neelavathy Nagar (Neela Nagar) above this median.

• Nehru Nagar: Rs 1,650 per sq.ft (2024)
• Nehru Nagar Extn.: Rs 1,650 per sq.ft (2024)
• Nehru Street: Rs 1,650 per sq.ft (2024)
• Narayanapuram Erikarai Salai: Rs 2,420 per sq.ft (2024)
• Narayanapuram: Rs 2,750 per sq.ft (2024)
• Narayanan Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Neelavathy Nagar (Neela Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be 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.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Neelavathy Nagar (Neela Nagar)?

The Sub Registrar Office that covers Neelavathy Nagar (Neela Nagar) 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, Chennai registration zone.

You can find your SRO for further assistance.

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

The guideline value is an essential factor during the registration of property transactions in Pallikaranai. It serves as the minimum value for which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps determine the applicable stamp duty, which is charged on the higher of the guideline value or the sale price. This ensures that all property transactions are recorded transparently and fairly.

Frequently asked questions

What is the current guideline value of Neelavathy Nagar (Neela Nagar)?

The current guideline value of Neelavathy Nagar (Neela Nagar) 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 2023 to Rs 2,750 per sq.ft in 2024, a 10% increase. It was Rs 1,675 per sq.ft in 2017 and Rs 2,500 per sq.ft in 2012, showing a significant change over the years.

What is the stamp duty rate for properties in Neelavathy Nagar (Neela Nagar)?

The stamp duty rate for properties in Neelavathy Nagar (Neela Nagar) is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Neelavathy Nagar (Neela Nagar)?

The Sub Registrar Office for Neelavathy Nagar (Neela Nagar) 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.

What is the land classification for Neelavathy Nagar (Neela Nagar)?

The land classification for Neelavathy Nagar (Neela Nagar) is Residential Special Type - I, indicating its designated use for residential purposes.