Guideline Value for SEEVARAM 1ST CROSS STREET

Seevaram 1st Cross Street guideline value

The current guideline value of Seevaram 1st Cross Street, located in Seevaram village under the Neelankarai SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Seevaram 1st Cross Street has changed

Over the years, the guideline value for Seevaram 1st Cross Street has seen several revisions. The register indicates that in 2002, the value was Rs 170 per sq.ft, which increased to Rs 500 per sq.ft in 2003. Following this, the value rose to Rs 750 per sq.ft in 2007, and then significantly increased to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017. The guideline value then rose to Rs 2,500 per sq.ft in 2023, before reaching the current figure of Rs 2,800 per sq.ft in 2024.

The changes between these revisions are notable. From 2002 to 2003, there was an increase of 194%. The value then saw a 50% rise from 2003 to 2007. The jump from 2007 to 2012 was a substantial 233%, followed by a decrease of 33% from 2012 to 2017. The value increased by 49% from 2017 to 2023, and finally, there was a 12% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 1,547%.

Guideline values in Seevaram

In Seevaram village, 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. The median value among these streets is Rs 2,800 per sq.ft, which is the same as the guideline value for Seevaram 1st Cross Street.

• Seevaram 1st Street: Rs 2,800 per sq.ft (2024)
• Seevaram 2nd Cross Street: Rs 2,800 per sq.ft (2024)
• Seevaram 2nd Street: Rs 2,800 per sq.ft (2024)
• Seevaram 3rd Street (Ganapathi Nagar): Rs 2,800 per sq.ft (2024)
• Selva Ganapathi Avenue: Rs 1,100 per sq.ft (2024)
• Selva Ganapathi Nagar: Rs 1,100 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total to Rs 2,52,000. It is important to note that 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 Seevaram 1st Cross Street?

The Sub Registrar Office that covers Seevaram 1st Cross 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 Seevaram

The guideline value is a critical factor during the registration of property transactions in Seevaram. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees that need to be paid. This ensures that both the buyer and seller are aware of the financial implications of the transaction based on the established guideline value.

Frequently asked questions

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

The current guideline value of Seevaram 1st Cross Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 170 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 1,547% over the years.

What are the other streets in Seevaram with the same guideline value?

Other streets in Seevaram with the same guideline value of Rs 2,800 per sq.ft include Seevaram 1st Street, Seevaram 2nd Cross Street, Seevaram 2nd Street, and Seevaram 3rd Street (Ganapathi Nagar).

What is the registration fee for properties in Seevaram 1st Cross Street?

The registration fee for properties in Seevaram 1st Cross Street is calculated at 2% of the guideline value. For example, for a property valued at Rs 28,00,000, the registration fee would be Rs 56,000.

Where can I find the Sub Registrar Office for Seevaram?

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