Guideline Value for Neervannan Street 2nd Cross Street

Neervannan Street 2nd Cross Street guideline value

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

How the guideline value of Neervannan Street 2nd Cross Street has changed

The guideline value for Neervannan Street 2nd 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 a change of +12%. The value then rose significantly to Rs 1,340 per sq.ft in 2017, marking an increase of +283%. Following this, the value reached Rs 2,000 per sq.ft in 2023, which was a +49% increase from the previous revision. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, reflecting a +10% change from 2023.

It is important to note that there are no figures recorded for the years 2002 and 2012 for this street in the guideline value register.

Guideline values in Thiruneermalai

In Thiruneermalai, there are 316 streets under the Pammal SRO with a 2024 guideline value ranging from Rs 1,320 to Rs 6,240 per sq.ft. The median value for these streets is Rs 2,420 per sq.ft, making the current value of Neervannan Street 2nd Cross Street below that median.

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

You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Neervannan Street 2nd Cross Street?

The Sub Registrar Office that covers Neervannan Street 2nd Cross Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Thiruneermalai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value is considered alongside the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring that all transactions are conducted transparently and fairly.

Frequently asked questions

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

The current guideline value of Neervannan Street 2nd 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 changed from Rs 312 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of +605% over the years.

What are the stamp duty and registration fees for property in Neervannan Street 2nd Cross Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 22,00,000. The stamp duty would be Rs 1,54,000, and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office covers Neervannan Street 2nd Cross Street?

The Pammal Sub Registrar Office covers Neervannan Street 2nd Cross Street, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

What is the land classification for Neervannan Street 2nd Cross Street?

Neervannan Street 2nd Cross Street is classified as Residential Class I Type - II according to the guideline value register.