Guideline Value for Neval Quarters 2nd Street

Neval Quarters 2nd Street guideline value

The current guideline value of Neval Quarters 2nd Street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village and falls under the Selaiyur SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Neval Quarters 2nd Street has changed

The guideline value for Neval Quarters 2nd Street has seen a change from the 2012 revision, where it was set at Rs 1,200 per sq.ft. The increase from 2012 to the current 2024 revision is 8%, bringing the value up to Rs 1,300 per sq.ft.

For the years prior to 2012, the register has no figure for this street in 2023, 2017, 2007, 2003, and 2002. Therefore, the only available revisions are from 2012 and 2024.

Guideline values in Madambakkam

In Madambakkam, there are 1151 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value in this area is Rs 2,400 per sq.ft, which means that Neval Quarters 2nd Street's 2024 figure is below that median.

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

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the 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 information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Neval Quarters 2nd Street?

The Sub Registrar Office that covers Neval Quarters 2nd Street is 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 details.

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

The guideline value is a critical factor in property transactions in Madambakkam, as it determines the minimum value at which properties can be registered. When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees that need to be paid.

It is important for buyers and sellers to be aware of the current guideline value to ensure that they are compliant with registration requirements. This value is set by the Registration Department and is periodically revised to reflect changes in the real estate market.

Frequently asked questions

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

The current guideline value of Neval Quarters 2nd Street 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 8% increase. There are no figures available for the years 2023, 2017, 2007, 2003, and 2002.

What is the land classification for Neval Quarters 2nd Street?

Neval Quarters 2nd Street is classified as Residential Class II Type - II. This classification is important for understanding the types of properties that can be developed in the area.

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

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000. These fees are based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Neval Quarters 2nd Street?

The Sub Registrar Office for Neval Quarters 2nd Street is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073. You can also find more information online.