Guideline Value for SEA SHELL AVENUE

Sea Shell Avenue guideline value

The current guideline value of Sea Shell Avenue in Palavakkam village is Rs 3,900 per sq.ft, effective from 1 July 2024. This property falls under the Neelankarai SRO and is classified as Residential Class II Type - I.

How the guideline value of Sea Shell Avenue has changed

The guideline value for Sea Shell Avenue has seen significant changes over the years. In 2002, the value was Rs 216 per sq.ft, which increased to Rs 242 per sq.ft in 2003. Following this, there was a substantial rise to Rs 1,200 per sq.ft in 2007, marking an increase of 396%. The value remained the same at Rs 1,200 per sq.ft until 2012, when it increased to Rs 3,500 per sq.ft. However, this was followed by a decrease to Rs 2,345 per sq.ft in 2017, a drop of 33%. The value then rose to Rs 3,500 per sq.ft in 2023, before reaching the current value of 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 has increased by 1,706%. There are no figures available in the register for the revisions in years other than those listed.

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. The median value for these streets is Rs 3,300 per sq.ft, placing Sea Shell Avenue's 2024 figure above this median.

• School Street: Rs 2,800 per sq.ft (2024)
• School 2nd Street: Rs 2,800 per sq.ft (2024)
• School 1st Street: Rs 2,800 per sq.ft (2024)
• Sathiyamurthi Road (In Lakshman Nagar): Rs 3,300 per sq.ft (2024)
• Sengeni Amman Koil Street: Rs 2,800 per sq.ft (2024)
• Santhosh Nagar & Extension: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sea Shell Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, while the registration fee at 2% would be Rs 78,000, making the total charges Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sea Shell Avenue?

Sea Shell Avenue is covered by 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 when it comes to the registration of property transactions in Palavakkam. It serves as a benchmark for determining the applicable stamp duty and registration fees, ensuring that these costs are calculated based on the current market standards set by the government.

When buying or selling property, the guideline value helps both parties understand the minimum value at which the property should be registered. This ensures transparency and fairness in property transactions, as it reflects the official valuation set by the authorities.

Frequently asked questions

What is the current guideline value of Sea Shell Avenue?

The current guideline value of Sea Shell Avenue 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 changed significantly from Rs 216 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, showing an overall increase of 1,706% over this period.

What is the land classification for Sea Shell Avenue?

Sea Shell Avenue is classified as Residential Class II Type - I under the Neelankarai SRO.

What are the stamp duty rates for properties in Sea Shell Avenue?

The stamp duty for properties in Sea Shell Avenue is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Sea Shell Avenue located?

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