Guideline Value for Neelakandan Road

Neelakandan Road guideline value

The current guideline value of Neelakandan Road is Rs 7,100 per sq.ft, effective from 1 July 2024. This road is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Neelakandan Road has changed

The guideline value for Neelakandan Road has seen several revisions over the years. In 2007, the value was set at Rs 2,000 per sq.ft, which increased significantly to Rs 6,500 per sq.ft in 2012. However, this value then decreased by 33% to Rs 4,355 per sq.ft in 2017. The value rose again to Rs 6,500 per sq.ft in 2023, and has now increased by 9% to the current rate of Rs 7,100 per sq.ft from 1 July 2024.

There are no figures available for the revisions in 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 255%.

Guideline values in Nungambakkam

Nungambakkam has a total of 270 streets under the Chennai Central Joint II SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, making the current value of Neelakandan Road below that median.

• Nawaz Abibullah Avenue Cross Street: Rs 7,700 per sq.ft (2024)
• Nawaz Abibullah Avenue: Rs 7,700 per sq.ft (2024)
• Nawaz Abibullah 3rd Cross Street: Rs 7,700 per sq.ft (2024)
• Nawaz Abibullah 2nd Cross Street: Rs 7,700 per sq.ft (2024)
• Nawaz Abibullah 1st Cross Street: Rs 7,700 per sq.ft (2024)
• Narayanan Street: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Neelakandan Road

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total to Rs 6,39,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Neelakandan Road?

The Sub Registrar Office that covers Neelakandan Road is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during property registration in Nungambakkam. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial obligations involved in the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Neelakandan Road?

The current guideline value of Neelakandan Road is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 2,000 per sq.ft in 2007, rising to Rs 6,500 in 2012, then decreasing to Rs 4,355 in 2017, and increasing again to Rs 6,500 in 2023, before reaching the current value of Rs 7,100 in 2024.

What is the land classification for Neelakandan Road?

The land classification for Neelakandan Road is Residential Class II Type - I.

What are the stamp duty and registration fees for properties on Neelakandan Road?

For a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000 and the registration fee would be Rs 1,42,000, totaling Rs 6,39,000.

Which office registers properties in Neelakandan Road?

The Chennai Central Joint II Sub Registrar Office is responsible for registering properties in Neelakandan Road, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.