Guideline Value for SPRING FIELD

Spring Field guideline value

The current guideline value of Spring Field, located in Sholinganallur - 1 village under the Neelankarai SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - V.

How the guideline value of Spring Field has changed

The guideline value for Spring Field has seen significant revisions over the years. The 2017 revision set the value at Rs 2,680 per sq.ft, which was then increased to Rs 4,000 per sq.ft in the 2023 revision. The latest revision in 2024 has raised the value further to Rs 4,400 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, there was a substantial increase of 49%. Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that the register has no 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 guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, placing Spring Field's 2024 figure above this median.

• Spring Garden 1st Street: Rs 4,400 per sq.ft (2024)
• Spring Garden 2nd Street: Rs 4,400 per sq.ft (2024)
• S.P.Velu Street: Rs 2,200 per sq.ft (2024)
• Sparkling Sons Avenue: Rs 4,400 per sq.ft (2024)
• Sparkling Garden 2nd Street: Rs 4,400 per sq.ft (2024)
• Sparkling Garden 1st Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Spring Field

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Spring Field?

The Sub Registrar Office that covers Spring Field 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 Sholinganallur - 1

When buying or selling property in Sholinganallur - 1, the guideline value plays a crucial role in determining the registration fees and stamp duty. These fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the transaction is recorded accurately.

It is essential for buyers and sellers to be aware of the guideline value as it affects the overall cost of the transaction. Understanding the guideline value helps in making informed decisions during property transactions in the area.

Frequently asked questions

What is the current guideline value of Spring Field?

The current guideline value of Spring Field is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value of Spring Field changed over the years?

The guideline value has increased from Rs 2,680 per sq.ft in 2017 to Rs 4,400 per sq.ft in 2024, reflecting a total increase of 64% over the seven years.

What is the land classification of Spring Field?

Spring Field is classified as Residential Special Type - V, indicating its designation for residential purposes.

What are the stamp duty and registration fees for a property in Spring Field?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which Sub Registrar Office covers the registration for Spring Field?

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