Guideline Value for SHOLINGANALLUR NEIGHBOURHOOD PHASE-III

Sholinganallur Neighbourhood Phase-III guideline value

The current guideline value for Sholinganallur Neighbourhood Phase-III is Rs 3,900 per sq.ft, effective from 1 July 2024. This area falls under Sholinganallur - 1 village and is classified as Residential Class I Type - II, registered with the Neelankarai SRO.

How the guideline value of Sholinganallur Neighbourhood Phase-III has changed

The guideline value has seen significant changes over the years. In the 2017 revision, the value was Rs 2,345 per sq.ft, which increased to Rs 3,500 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 set the value at Rs 3,900 per sq.ft, reflecting an 11% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 66%. The register does not provide figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value is Rs 2,200 per sq.ft, placing Sholinganallur Neighbourhood Phase-III's value above this median.

• Siruvar ThottaPalli: Rs 1,700 per sq.ft (2024)
• Seshammal Street (Thiruvengadam Street (Grama Nedunchalai 8th Cross Street)): Rs 2,200 per sq.ft (2024)
• S.M.Govindasami Street: Rs 2,200 per sq.ft (2024)
• S.N.Jayaraman Street(Grama Nadunchalai 39th Cross Street): Rs 2,200 per sq.ft (2024)
• Sparkling Garden 1st Street: Rs 4,400 per sq.ft (2024)
• Sparkling Garden 2nd Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Sholinganallur Neighbourhood Phase-III

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, and the registration fee at 2% would be Rs 78,000, bringing the total charges to 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.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Sholinganallur Neighbourhood Phase-III?

The Sholinganallur Neighbourhood Phase-III 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 additional information.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value is crucial during the registration process when buying or selling property in Sholinganallur - 1. It helps determine the stamp duty and registration fees, which are mandatory charges that must be paid to the government.

When a property is sold, the guideline value serves as a benchmark to ensure that the registration reflects a fair value. This value is taken into account to calculate the applicable taxes and fees associated with the transaction.

Frequently asked questions

What is the current guideline value of Sholinganallur Neighbourhood Phase-III?

The current guideline value for Sholinganallur Neighbourhood Phase-III is Rs 3,900 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 2,345 per sq.ft to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of 66%.

What is the registration fee for property in Sholinganallur Neighbourhood Phase-III?

The registration fee is 2% of the guideline value. For example, for a property valued at Rs 39,00,000, the registration fee would be Rs 78,000.

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 are stamp duty and registration fees calculated?

Stamp duty is charged at 7% on the higher of the guideline value or the sale price. The registration fee is charged at 2% of the guideline value. Together, these fees must be paid during the registration process.