Guideline Value for North Street

North Street guideline value

The current guideline value of North Street in Neelankarai village is Rs 1,700 per sq.ft, effective from 1 July 2024. This property falls under the Neelankarai SRO and is classified as Residential Class III Type - I.

How the guideline value of North Street has changed

The guideline value for North Street has seen several revisions over the years. In 2002, the value was Rs 303 per sq.ft, which increased to Rs 330 per sq.ft in 2003. Following this, the value rose significantly to Rs 700 per sq.ft in 2007, marking a 112% increase. In 2012, the value adjusted to Rs 1,500 per sq.ft, which was a 114% increase from the previous revision. However, in 2017, it decreased to Rs 1,005 per sq.ft, reflecting a 33% drop. The value then increased to Rs 1,500 per sq.ft in 2023, before reaching the current figure of Rs 1,700 per sq.ft in 2024, which is a 13% increase.

Overall, from 2002 to 2024, the guideline value has increased by 461%. The register has no figures for the years between these revisions for this street.

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, which means that North Street's 2024 figure is below that median.

• New Saraswathi Nagar: Rs 2,800 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)
• Nehru Street: Rs 1,700 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 North Street

For a 1,000 sq.ft plot at the current rate of Rs 1,700 per sq.ft, the guideline value would be Rs 17,00,000. The stamp duty at 7% would amount to Rs 1,19,000, while the registration fee at 2% would be Rs 34,000. Together, the total fees would be Rs 1,53,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers North Street?

The Sub Registrar Office that covers North Street 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 further assistance.

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

The guideline value plays a crucial role in the registration process of property transactions in Neelankarai. 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 you buy or sell property, the guideline value is utilized to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of North Street?

The current guideline value of North Street is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 303 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, reflecting an overall increase of 461% over this period.

What is the land classification for North Street?

North Street is classified as Residential Class III Type - I under the Neelankarai SRO.

Where can I find the Neelankarai Sub Registrar Office?

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

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur total fees of Rs 1,53,000.