Guideline Value for SEEVARAM 2ND STREET

Seevaram 2nd Street guideline value

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

How the guideline value of Seevaram 2nd Street has changed

The guideline value for Seevaram 2nd Street has undergone several revisions over the years. In 2002, the guideline value was Rs 170 per sq.ft. This increased to Rs 500 per sq.ft in 2003, followed by a rise to Rs 750 per sq.ft in 2007. The value then saw a significant jump to Rs 2,500 per sq.ft in 2012, before dropping to Rs 1,675 per sq.ft in 2017. The 2023 revision brought the value back up to Rs 2,500 per sq.ft, and the most recent revision in 2024 has set the guideline value at Rs 2,800 per sq.ft.

Between the revisions, there have been notable changes. From 2002 to 2003, the value increased by 194%. The rise from 2007 to 2012 was 233%, while the drop from 2012 to 2017 was 33%. The value increased by 49% from 2017 to 2023, and the latest revision from 2023 to 2024 saw an increase of 12%. Overall, from 2002 to 2024, the guideline value has increased by 1547%.

Guideline values in Seevaram

In Seevaram, there are 84 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,300 per sq.ft. The median value is Rs 2,800 per sq.ft, placing Seevaram 2nd Street at this median level for 2024.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, making a total of Rs 2,52,000. 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 Seevaram 2nd Street?

The Sub Registrar Office that covers Seevaram 2nd 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 crucial factor when registering property transactions in Seevaram. It is used to determine the stamp duty and registration fees that must be paid during the transaction process. Buyers and sellers should be aware of the current guideline value to ensure they are compliant with the registration requirements.

When a property is sold, the guideline value serves as a benchmark for the transaction value. It is essential that the sale price is either equal to or exceeds the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Seevaram 2nd Street?

The current guideline value of Seevaram 2nd 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 significantly, from Rs 170 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 1547% over the years.

What is the land classification for Seevaram 2nd Street?

The land classification for Seevaram 2nd Street is Residential Class II Type - I.

What are the stamp duty and registration fees for a property in Seevaram 2nd Street?

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 and the registration fee would be Rs 56,000, totaling Rs 2,52,000.

Which office handles registrations for Seevaram 2nd Street?

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