Guideline Value for Neval Quarters 3rd Street

Neval Quarters 3rd Street guideline value

The current guideline value of Neval Quarters 3rd Street 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 3rd Street has changed

The guideline value for Neval Quarters 3rd Street has undergone several revisions over the years. In 2012, the guideline value was set at Rs 1,200 per sq.ft. This figure decreased to Rs 804 per sq.ft in the 2017 revision. However, the most recent 2024 revision has increased the guideline value to Rs 1,300 per sq.ft, representing a 62% increase from the 2017 figure.

Overall, from 2012 to 2024, the guideline value has seen a slight increase of 8%. It is important to note that the register does not contain figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Madambakkam

In Madambakkam, there are a total of 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft, with a median value of Rs 2,400 per sq.ft. The guideline value of Neval Quarters 3rd Street is below this median.

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

Stamp duty and registration fee for property in Neval Quarters 3rd Street

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, charged at 7%, would be Rs 91,000, while the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. Please note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Neval Quarters 3rd Street?

The Sub Registrar Office that covers Neval Quarters 3rd 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 crucial factor when registering property transactions in Madambakkam. 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 property transactions.

When you buy or sell a property, the registration process will involve calculating the stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that all transactions are documented accurately and fairly.

Frequently asked questions

What is the current guideline value of Neval Quarters 3rd Street?

The current guideline value of Neval Quarters 3rd 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 has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, and then increased to Rs 1,300 per sq.ft in 2024. Overall, from 2012 to 2024, there has been an 8% increase.

What is the land classification for Neval Quarters 3rd Street?

Neval Quarters 3rd Street is classified as Residential Class II Type - II under the current guidelines.

What are the stamp duty and registration fees for a property in Neval Quarters 3rd Street?

For a 1,000 sq.ft property at the current guideline value, the total guideline value is 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.

Which office handles property registration for Neval Quarters 3rd Street?

The Selaiyur Sub Registrar Office handles property registration for Neval Quarters 3rd Street, located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Chennai - 600 073.