Guideline Value for Neervannan 2nd Street

Neervannan 2nd Street guideline value

The current guideline value of Neervannan 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Thiruneermalai village and falls under the Pammal SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Neervannan 2nd Street has changed

Over the years, the guideline value of Neervannan 2nd Street has seen significant changes. The 2017 revision recorded a guideline value of Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, reflecting a 10% increase from 2023. Overall, from 2017 to 2024, the guideline value has increased by 64%.

It is important to note that there are no recorded figures for this street in the revisions of 2002, 2003, 2007, and 2012.

Guideline values in Thiruneermalai

In Thiruneermalai, there are 316 streets under the Pammal SRO that have 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, making the current value of Neervannan 2nd Street below the median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, the total cost for stamp duty and registration would be 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 the stamp duty and registration fee calculator for more accurate calculations based on your property details.

Which Sub Registrar Office covers Neervannan 2nd Street?

The Sub Registrar Office that covers Neervannan 2nd Street is 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 is a crucial factor during the registration of property transactions in Thiruneermalai. It serves as a benchmark for determining the minimum value of a property for the purpose of stamp duty and registration fees.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. This value is particularly important for legal and taxation purposes during the transfer of property ownership.

Frequently asked questions

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

The current guideline value of Neervannan 2nd 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 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, showing a total increase of 64% over this period.

What are the stamp duty and registration fees for properties here?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total costs would be Rs 1,98,000.

Which office handles property registration for Neervannan 2nd Street?

The Pammal Sub Registrar Office handles property registrations for Neervannan 2nd Street, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

What is the land classification for Neervannan 2nd Street?

The land classification for Neervannan 2nd Street is Residential Class I Type - II, indicating its suitability for residential development.