Guideline Value for Neervannan Street 1st Cross Street

Neervannan Street 1st Cross Street guideline value

The current guideline value of Neervannan Street 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Thiruneermalai village under the Pammal Sub Registrar Office (SRO) and is classified as Residential Class I Type - II.

How the guideline value of Neervannan Street 1st Cross Street has changed

The guideline value for Neervannan Street 1st Cross Street has seen several revisions over the years. In 2003, the value was Rs 312 per sq.ft, which increased to Rs 350 per sq.ft in 2007. This was followed by a significant rise to Rs 1,340 per sq.ft in 2017. The value continued to increase, reaching Rs 2,000 per sq.ft in 2023, and is now set at Rs 2,200 per sq.ft in the 2024 revision. Notably, there are no figures available for the years 2002 and 2012 in the register for this street.

From 2017 to 2023, the guideline value increased by 49%, and from 2007 to 2017, it surged by 283%. The change from 2003 to 2007 was a modest 12%. Overall, from 2003 to 2024, the guideline value has increased by 605%.

Guideline values in Thiruneermalai

In Thiruneermalai, there are 316 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 6,240 per sq.ft. The median guideline value for these streets is Rs 2,420 per sq.ft, placing Neervannan Street 1st Cross Street's value below this median.

• Neervannan Street: Rs 2,200 per sq.ft (2024)
• Neervannan Street 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Neervannan 2nd Street: Rs 2,200 per sq.ft (2024)
• Neervannan 1st Street: Rs 2,200 per sq.ft (2024)
• Nehru Street: Rs 2,420 per sq.ft (2024)
• Navachi Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Neervannan Street 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total charges Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more information on fees.

Which Sub Registrar Office covers Neervannan Street 1st Cross Street?

Neervannan Street 1st Cross Street falls under the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in property transactions in Thiruneermalai. It serves as a benchmark for determining the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees.

It is essential for buyers and sellers to be aware of the guideline value to ensure compliance with legal requirements during property registration. This helps in avoiding disputes related to property valuation and ensures transparency in the transaction process.

Frequently asked questions

What is the current guideline value of Neervannan Street 1st Cross Street?

The current guideline value of Neervannan Street 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 312 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 605% over this period.

What is the land classification for Neervannan Street 1st Cross Street?

Neervannan Street 1st Cross Street is classified as Residential Class I Type - II.

Where can I find the Pammal Sub Registrar Office?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone.

How is stamp duty calculated for properties in Neervannan Street 1st Cross Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at a rate of 7%.