Guideline Value for Neelathottam 2nd Street

Neelathottam 2nd Street guideline value

The current guideline value of Neelathottam 2nd Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Sembiam village, under the Sembiam Sub Registrar Office (SRO). The land classification for this area is Residential Class I Type - I.

How the guideline value of Neelathottam 2nd Street has changed

The guideline value for Neelathottam 2nd Street has seen several revisions over the years. In 2007, the value was Rs 800 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, it then decreased to Rs 1,675 per sq.ft in 2017. Following this, the value rose sharply to Rs 2,500 per sq.ft in 2023, and most recently, it has been revised to Rs 2,700 per sq.ft in 2024.

Between the revisions, the changes are notable. From 2007 to 2012, the value increased by 213%, but then it decreased by 33% from 2012 to 2017. The value saw a substantial rise of 49% from 2017 to 2023, and finally, an increase of 8% from 2023 to 2024. The register does not contain figures for the years 2002 and 2003 for this street.

Guideline values in Sembiam

In Sembiam, there are 250 streets under the Sembiam SRO, with guideline values ranging from Rs 1,700 to Rs 7,100 per sq.ft as per the 2024 revision. The median guideline value for these streets is Rs 2,700 per sq.ft, which is equal to the current value for Neelathottam 2nd Street.

• Neelathottam 1st Street: Rs 2,700 per sq.ft (2024)
• Neelathottam 3rd Street: Rs 2,700 per sq.ft (2024)
• Neelathottam 4th Street: Rs 2,700 per sq.ft (2024)
• Neelathottam 5th Street: Rs 2,700 per sq.ft (2024)
• Nataraja Koil Street: Rs 2,700 per sq.ft (2024)
• Murugesan Gramani Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Neelathottam 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, making the total cost for these fees Rs 2,43,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations based on your specific property.

Which Sub Registrar Office covers Neelathottam 2nd Street?

The Neelathottam 2nd Street falls under the jurisdiction of the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when registering a property in Sembiam. It serves as the basis for calculating the stamp duty and registration fees, which are mandatory during the registration process. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value helps determine the official price for registration purposes. This value is essential for both parties to understand, as it impacts the overall transaction costs involved in property transfer.

Frequently asked questions

What is the current guideline value of Neelathottam 2nd Street?

The current guideline value of Neelathottam 2nd Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 800 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, with various increases and decreases in between.

What are the other streets with the same guideline value in Sembiam?

Several other streets in Sembiam also have a guideline value of Rs 2,700 per sq.ft, including Neelathottam 1st Street, Neelathottam 3rd Street, Neelathottam 4th Street, Neelathottam 5th Street, Nataraja Koil Street, and Murugesan Gramani Street.

What is the registration fee for a property in Neelathottam 2nd Street?

The registration fee for a property in Neelathottam 2nd Street is calculated based on the guideline value. For example, for a property valued at Rs 27,00,000, the registration fee would be Rs 54,000.

Which office handles property registrations for Neelathottam 2nd Street?

The Sembiam Sub Registrar Office handles property registrations for Neelathottam 2nd Street, located at 5, Papermills Road, Sembiam, Chennai - 600011.