Guideline Value for Neval Quarters 2nd Main Road

Neval Quarters 2nd Main Road guideline value

The current guideline value of Neval Quarters 2nd Main Road is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village, under the Selaiyur SRO, and is classified as Residential Class II Type - II.

How the guideline value of Neval Quarters 2nd Main Road has changed

The guideline value for Neval Quarters 2nd Main Road has seen several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft. In the latest 2024 revision, the value increased to Rs 1,300 per sq.ft, reflecting an increase of 8% from the 2012 figure. The register has no figure for this street for the years 2003, 2007, 2017, and 2023.

Prior to the 2012 revision, there are no figures available for the years 2002 and 2003. The current value of Rs 1,300 per sq.ft is now established as the most recent figure for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value in this village is Rs 2,400 per sq.ft, placing the 2024 figure for Neval Quarters 2nd Main Road below this median.

• Neval Quarters 1st Street: Rs 1,300 per sq.ft (2024)
• Neval Quarters 2nd Street: Rs 1,300 per sq.ft (2024)
• Neval Quarters 3rd Main Road: Rs 1,300 per sq.ft (2024)
• Neval Quarters 3rd Street: Rs 1,300 per sq.ft (2024)
• Neval Quarters 4th Street: Rs 1,300 per sq.ft (2024)
• Neval Quarters Main Road: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Neval Quarters 2nd Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Neval Quarters 2nd Main Road?

The Neval Quarters 2nd Main Road is covered by the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is in accordance with government regulations.

When a property is sold, the stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Neval Quarters 2nd Main Road?

The current guideline value of Neval Quarters 2nd Main Road is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 1,200 per sq.ft in 2012 to Rs 1,300 per sq.ft in 2024, marking an increase of 8%. There are no figures available for the years 2003, 2007, 2017, and 2023.

What is the median guideline value in Madambakkam?

The median guideline value in Madambakkam is Rs 2,400 per sq.ft, which is above the current guideline value for Neval Quarters 2nd Main Road.

What are the stamp duty rates for property in Neval Quarters 2nd Main Road?

The stamp duty for property transactions in Neval Quarters 2nd Main Road is set at 7% of the guideline value or sale price, whichever is higher.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.