Guideline Value for SEEVARAM 2ND CROSS STREET

Seevaram 2nd Cross Street guideline value

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

How the guideline value of Seevaram 2nd Cross Street has changed

The guideline value for Seevaram 2nd Cross Street has undergone several revisions over the years. The register shows that in 2002, the guideline value was Rs 170 per sq.ft, which increased to Rs 500 per sq.ft in 2003. The value then saw a significant rise to Rs 750 per sq.ft in 2007, followed by a further increase to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017. In 2023, the value was revised to Rs 2,500 per sq.ft, and the most recent revision in 2024 set it at Rs 2,800 per sq.ft.

Between these revisions, the changes were as follows: from 2002 to 2003, the value increased by 194%; from 2003 to 2007, it rose by 50%; from 2007 to 2012, it increased by 233%; however, it dropped by 33% from 2012 to 2017. There was a significant rise of 49% from 2017 to 2023, and the latest change from 2023 to 2024 is an increase of 12%. Overall, from 2002 to 2024, the guideline value has increased by 1,547%.

Guideline values in Seevaram

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

• Seevaram 1st Street: Rs 2,800 per sq.ft (2024)
• Seevaram 2nd Street: Rs 2,800 per sq.ft (2024)
• Seevaram 1st Cross 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 2nd 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 fees to 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 information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Seevaram 2nd Cross Street?

The Sub Registrar Office that covers Seevaram 2nd 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 details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Seevaram. It determines the minimum value at which the property can be registered and is used to calculate the applicable stamp duty and registration fees.

When a property is sold, the actual sale price or the guideline value, whichever is higher, is considered for calculating these fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of Seevaram 2nd 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 significantly 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 this period.

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 Street, Seevaram 1st Cross Street, and Seevaram 3rd Street (Ganapathi Nagar).

What is the stamp duty rate for property transactions in Seevaram?

The stamp duty rate for property transactions in Seevaram is 7% of the guideline value or the sale price, whichever is higher.

Where is the Neelankarai Sub Registrar Office located?

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