Guideline Value for SPRING GARDEN 1ST STREET

Spring Garden 1st Street guideline value

The current guideline value of Spring Garden 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in the Sholinganallur - 1 village under the Neelankarai SRO, and it falls under the Residential Special Type - V land classification.

How the guideline value of Spring Garden 1st Street has changed

The guideline value for Spring Garden 1st Street has undergone several revisions over the years. The 2017 revision set the value at Rs 2,680 per sq.ft, which increased to Rs 4,000 per sq.ft in the 2023 revision. The most recent revision in 2024 saw another increase to Rs 4,400 per sq.ft, marking a 10% rise from the previous year.

From 2017 to 2023, the guideline value increased by 49%, and overall, from 2017 to 2024, it has risen by 64%. 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 that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for Spring Garden 1st Street is above this median.

• Spring Garden 2nd Street: Rs 4,400 per sq.ft (2024)
• Spring Field: Rs 4,400 per sq.ft (2024)
• S.P.Velu Street: Rs 2,200 per sq.ft (2024)
• S.R. Boopathy Nagar (Grama Nadunchalai 38th Cross Street): Rs 2,200 per sq.ft (2024)
• S.R. Boopathy Nagar Part 1: Rs 2,200 per sq.ft (2024)
• S.R. Boopathy Nagar Part 2: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Spring Garden 1st Street

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

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

Which Sub Registrar Office covers Spring Garden 1st Street?

The Sub Registrar Office that covers Spring Garden 1st Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your specific SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Sholinganallur - 1. It is used to determine the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Spring Garden 1st Street?

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

How has the guideline value changed over the years?

The guideline value for Spring Garden 1st Street has increased from Rs 2,680 per sq.ft in 2017 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 64% over this period.

What are the stamp duty and registration fees for properties in this area?

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 office handles property registrations for Spring Garden 1st Street?

The Neelankarai Sub Registrar Office handles property registrations for Spring Garden 1st Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the land classification for Spring Garden 1st Street?

Spring Garden 1st Street is classified under Residential Special Type - V according to the land classification regulations.