Guideline Value for SOWDEESWARI NAGAR

Sowdeeswari Nagar guideline value

The current guideline value of Sowdeeswari Nagar, located in Okkiyamthuraipakkam village under the Neelankarai SRO, is Rs 3,300 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 Sowdeeswari Nagar has changed

The guideline value for Sowdeeswari Nagar has seen several revisions over the years. In 2003, the guideline value was Rs 126 per sq.ft. This figure increased significantly to Rs 800 per sq.ft in 2007, marking a change of +535%. The value then rose to Rs 3,000 per sq.ft in 2012, reflecting a substantial increase of +275%. However, in 2017, the value decreased to Rs 2,010 per sq.ft, a change of -33%. The guideline value saw a notable rise to Rs 3,000 per sq.ft in 2023, which was an increase of +49%. The most recent revision in 2024 has set the guideline value at Rs 3,300 per sq.ft, representing a +10% increase from the previous year.

It is important to note that there is no figure available for the year 2002 in the register for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft, with the median being Rs 3,300 per sq.ft. The guideline value for Sowdeeswari Nagar is equal to this median.

• Sowdeeshwari Nagar Annex (Creek Street): Rs 3,300 per sq.ft (2024)
• Sowdeeswari Nagar 1st Cross Street: Rs 3,900 per sq.ft (2024)
• Sowdeeshwari Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Sowdeeshwari Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Sowdeeshwari Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Sowdeeshwari Nagar 2nd Main Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sowdeeswari Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is essential to note that duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sowdeeswari Nagar?

The Sub Registrar Office that covers Sowdeeswari Nagar 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 Okkiyamthuraipakkam

The guideline value is a crucial factor when buying or selling property in Okkiyamthuraipakkam, as it determines the minimum value at which properties can be registered. This value is used to calculate the stamp duty and registration fees, ensuring that they are based on the official valuation rather than the negotiated sale price.

When a property transaction occurs, the buyer must pay the applicable stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This process ensures transparency and accountability in property transactions within the region.

Frequently asked questions

What is the current guideline value of Sowdeeswari Nagar?

The current guideline value of Sowdeeswari Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 126 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, reflecting significant increases and one decrease over the years.

What is the land classification for Sowdeeswari Nagar?

The land classification for Sowdeeswari Nagar is Residential Class II Type - I, indicating its primary use for residential purposes.

What are the stamp duty and registration fees for properties in Sowdeeswari Nagar?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000, and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

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.