Guideline Value for New Saraswathi Nagar

New Saraswathi Nagar guideline value

The current guideline value of New Saraswathi Nagar is Rs 2,800 per sq.ft, effective from the 2024 revision. This locality is situated in Neelankarai village, under the Neelankarai SRO, and is classified as Residential Class II Type - II.

How the guideline value of New Saraswathi Nagar has changed

The guideline value has seen significant changes over the years. In 2002, the value was Rs 145 per sq.ft, which increased to Rs 380 per sq.ft in 2003, marking a change of +162%. The value continued to rise to Rs 1,000 per sq.ft in 2007, reflecting an increase of +163%. In 2012, the guideline value was Rs 2,500 per sq.ft, showing a decrease of -33% from the previous revision. The value remained at Rs 2,500 per sq.ft until 2017, when it increased to Rs 1,675 per sq.ft. This was a +49% increase from 2017 to 2023, when the value reached Rs 2,500 per sq.ft again.

As of 2024, the guideline value stands at Rs 2,800 per sq.ft, representing a +12% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by +1831%.

Guideline values in Neelankarai

In Neelankarai, there are 377 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median value is Rs 2,200 per sq.ft, placing New Saraswathi Nagar's 2024 figure above this median.

• North Street: Rs 1,700 per sq.ft (2024)
• Nehru Street: Rs 1,700 per sq.ft (2024)
• Orchid Ville Phase-I: Rs 10,300 per sq.ft (2024)
• Orchid Ville Phase II: Rs 10,300 per sq.ft (2024)
• Pandian Salai: Rs 4,400 per sq.ft (2024)
• Pandian Salai 1st Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in New Saraswathi Nagar

For a 1,000 sq.ft plot at the current rate of Rs 2,800 per sq.ft, the guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, while the registration fee at 2% would be Rs 56,000. Together, the total fees would be Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers New Saraswathi Nagar?

The Sub Registrar Office that covers New Saraswathi Nagar is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Neelankarai. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must consider this value to ensure compliance with legal requirements.

When a property is sold, the guideline value is compared with the sale price. The stamp duty is charged on the higher of the two amounts, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of New Saraswathi Nagar?

The current guideline value of New Saraswathi Nagar is Rs 2,800 per sq.ft, effective from the 2024 revision.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 145 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of +1831% over the years.

What is the median guideline value in Neelankarai?

The median guideline value in Neelankarai is Rs 2,200 per sq.ft, with New Saraswathi Nagar's 2024 figure being above this median.

What are the stamp duty and registration fees for property in New Saraswathi Nagar?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 28,00,000, the total fees would amount to Rs 2,52,000.

Where is the Sub Registrar Office for New Saraswathi Nagar located?

The Sub Registrar Office for New Saraswathi Nagar is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.