Guideline Value for SANGARAPURAM 1ST STREET

Sangarapuram 1st Street guideline value

The current guideline value of Sangarapuram 1st Street is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village, under the Neelankarai SRO, and is classified as Residential Class II Type - I.

How the guideline value of Sangarapuram 1st Street has changed

The guideline value for Sangarapuram 1st Street has undergone several revisions since 2002. In 2002, the value was Rs 273 per sq.ft, which increased to Rs 334 per sq.ft in 2003. The next significant jump occurred in 2007, when the value rose to Rs 1,000 per sq.ft, followed by a substantial increase to Rs 3,500 per sq.ft in 2012. However, this figure dropped to Rs 2,345 per sq.ft in 2017. The guideline value saw a notable increase again in 2023, reaching Rs 3,500 per sq.ft, and has now been revised to Rs 3,900 per sq.ft in 2024, representing an increase of 11% from the previous year.

Overall, from 2002 to 2024, the guideline value for Sangarapuram 1st Street has increased by 1329%. The changes between the revisions are as follows: from 2002 to 2003, there was an increase of 22%; from 2003 to 2007, the value rose by 199%; from 2007 to 2012, it increased by 250%; but then decreased by 33% from 2012 to 2017. The value increased by 49% from 2017 to 2023 and finally by 11% from 2023 to 2024.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of Sangarapuram 1st Street is above this median.

• Sangarapuram 2nd Street: Rs 3,900 per sq.ft (2024)
• Santhi Nagar: Rs 2,200 per sq.ft (2024)
• Santhosh Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Santhosh Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Santhosh Nagar & Extension: Rs 3,300 per sq.ft (2024)
• Saidanya Avenue: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sangarapuram 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 3,900 per sq.ft, the guideline value would be Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, totaling Rs 3,51,000. 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 Sangarapuram 1st Street?

The Sub Registrar Office that covers Sangarapuram 1st 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 more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Palavakkam. It serves as a benchmark for determining the minimum value of the property for registration purposes, ensuring that the transaction is recorded at a fair value.

When you register a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions, reflecting the current market conditions.

Frequently asked questions

What is the current guideline value of Sangarapuram 1st Street?

The current guideline value of Sangarapuram 1st Street is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, increasing from Rs 273 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, marking an overall increase of 1329% over this period.

What are the other streets in Palavakkam and their guideline values?

Other streets in Palavakkam include Sangarapuram 2nd Street at Rs 3,900 per sq.ft, Santhi Nagar at Rs 2,200 per sq.ft, and Santhosh Nagar 1st and 2nd Streets at Rs 3,300 per sq.ft each, among others.

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, on a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 3,51,000.