Guideline Value for NELVAYAL 2ND LANE

Nelvayal 2nd Lane guideline value

The current guideline value of Nelvayal 2nd Lane is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village and falls under the Purasaivakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Nelvayal 2nd Lane has changed

Over the years, the guideline value of Nelvayal 2nd Lane has undergone several revisions. The earliest recorded figure is from 2007, where it was Rs 1,100 per sq.ft. This value increased significantly to Rs 4,000 per sq.ft in 2012, marking a rise of 264%. However, between 2012 and 2017, the value decreased by 33% to Rs 2,680 per sq.ft. The value then saw a substantial increase of 49% to Rs 4,000 per sq.ft in 2023, followed by a further increase of 10% to the current value of Rs 4,400 per sq.ft in 2024.

The register does not contain figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 300%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median guideline value for these streets is Rs 5,500 per sq.ft, placing Nelvayal 2nd Lane's 2024 value below this median.

• Nelvayal 1st Street: Rs 4,400 per sq.ft (2024)
• Nelvayal Road: Rs 4,400 per sq.ft (2024)
• New Farrons Road: Rs 4,400 per sq.ft (2024)
• New Manicka Naicken Street: Rs 7,100 per sq.ft (2024)
• New Secretariat Colony: Rs 7,100 per sq.ft (2024)
• New Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Nelvayal 2nd Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total fees together to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more details, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nelvayal 2nd Lane?

The Sub Registrar Office that covers Nelvayal 2nd Lane is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Purasaivakkam. When a property is sold or purchased, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that the government receives the correct revenue from property transactions.

It is essential for buyers and sellers to be aware of the guideline value, as it affects the overall cost of the transaction. Understanding these values can help in making informed decisions during property dealings.

Frequently asked questions

What is the current guideline value of Nelvayal 2nd Lane?

The current guideline value of Nelvayal 2nd Lane is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 1,100 per sq.ft to Rs 4,400 per sq.ft in 2024, marking an overall increase of 300% over the years.

What are the stamp duty and registration fees for property in Nelvayal 2nd Lane?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which Sub Registrar Office covers this area?

The Purasaivakkam Sub Registrar Office covers Nelvayal 2nd Lane, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What is the land classification of Nelvayal 2nd Lane?

Nelvayal 2nd Lane is classified as Residential Class IV Type - I, indicating its suitability for residential purposes.