Guideline Value for SARAVANA NAGAR 1ST CROSS STREET

Saravana Nagar 1st Cross Street guideline value

The current guideline value of Saravana Nagar 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Seevaram village under the Neelankarai SRO, classified as Residential Class II Type - II.

How the guideline value of Saravana Nagar 1st Cross Street has changed

The guideline value for Saravana Nagar 1st Cross Street has undergone several revisions over the years. The earliest recorded value was Rs 600 per sq.ft in 2007, which saw a significant increase to Rs 2,000 per sq.ft by 2012. However, this value decreased to Rs 1,340 per sq.ft in 2017. The value then rose sharply to Rs 2,000 per sq.ft in 2023, before reaching the current rate of Rs 2,200 per sq.ft in 2024.

In terms of percentage changes, the value increased by 233% from 2007 to 2012, decreased by 33% from 2012 to 2017, and increased by 49% from 2017 to 2023. The most recent change from 2023 to 2024 represents a 10% increase, leading to an overall increase of 267% from 2007 to 2024. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Seevaram

In Seevaram, there are 84 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,300 per sq.ft, with a median value of Rs 2,800 per sq.ft. The guideline value for Saravana Nagar 1st Cross Street is below this median.

• Saravana Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Saravana Nagar 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Saravana Nagar 4th Cross Street: Rs 2,200 per sq.ft (2024)
• Saravana Nagar Ramachandran Street: Rs 2,200 per sq.ft (2024)
• Saravana Nagar Slum Area: Rs 1,700 per sq.ft (2024)
• Seevaram 1st Cross Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Saravana Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, leading to a total cost of Rs 1,98,000. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Saravana Nagar 1st Cross Street?

The Saravana Nagar 1st Cross Street falls under 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 Seevaram

The guideline value is a crucial factor in property transactions in Seevaram, as it determines the amount of stamp duty and registration fees payable at the time of registration. Buyers and sellers must consider the guideline value when negotiating sale prices to ensure compliance with legal requirements.

When a property is sold, the guideline value serves as a benchmark for the transaction. The stamp duty is calculated based on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value of Saravana Nagar 1st Cross Street?

The current guideline value of Saravana Nagar 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 267% over this period.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 22,00,000, the total fees would amount to Rs 1,98,000.

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 does the guideline value affect property transactions?

The guideline value affects property transactions by determining the stamp duty and registration fees payable. It serves as a benchmark for property sales, ensuring that the correct fees are collected based on the higher of the guideline value or the sale price.