Guideline Value for NEELAVATHY NAGAR

Neelavathy Nagar guideline value

The current guideline value of Neelavathy Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is located in Vanagaram village under the Chennai South Joint I SRO and is classified as Residential Class IV Type - III.

How the guideline value of Neelavathy Nagar has changed

The guideline value for Neelavathy Nagar has undergone several revisions over the years. In 2002, the guideline value was Rs 98 per sq.ft, which increased to Rs 113 per sq.ft in 2003, marking a 15% rise. The value saw significant growth in the following years, reaching Rs 500 per sq.ft in 2007, a substantial increase of 342%. By 2012, the value had risen to Rs 1,000 per sq.ft, reflecting a 100% increase from the previous revision. However, it then decreased to Rs 670 per sq.ft in 2017, a drop of 33%.

From 2017 to 2023, the guideline value increased to Rs 1,000 per sq.ft, which is a 49% rise. The most recent revision in 2024 set the guideline value at Rs 1,100 per sq.ft, representing a 10% increase from the previous year. There are no figures available for revisions in years other than those listed.

Guideline values in Vanagaram

In Vanagaram, there are 287 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 770 to Rs 5,500 per sq.ft. The median value for these streets is Rs 1,660 per sq.ft, indicating that Neelavathy Nagar's current guideline value is below this median.

• Neelakanda Mudaliar Street: 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)
• Om Sakthi Nagar: Rs 1,650 per sq.ft (2024)
• Om Sakthi Nagar 1st Street: Rs 1,650 per sq.ft (2024)
• Om Sakthi Nagar 2nd Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Neelavathy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Neelavathy Nagar?

The Sub Registrar Office that covers Neelavathy 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. You can find your SRO for more information.

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

The guideline value plays a crucial role in the property registration process in Vanagaram. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees that need to be paid at the time of registration. This ensures that the transaction is legally recognized and that the appropriate taxes are collected by the government.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly affects the financial aspects of property transactions. Understanding these values can help in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Neelavathy Nagar?

The current guideline value of Neelavathy Nagar 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 increased from Rs 98 per sq.ft in 2002 to Rs 1,100 per sq.ft in 2024, reflecting a significant overall increase of 1022% over the years.

What is the stamp duty rate for property in Neelavathy Nagar?

The stamp duty rate for property transactions in Neelavathy Nagar is 7% of the guideline value or the sale price, whichever is higher.

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

The Sub Registrar Office for Neelavathy 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 are the other streets in Vanagaram with similar guideline values?

Other streets in Vanagaram with a guideline value of Rs 1,100 per sq.ft include Neelakanda Mudaliar Street, Muthumariamman Street, and Odama Varasidhi Vinayagar Koil Street / Valliammal Nagar.