Guideline Value for Saraswathi Nagar North 2nd Street

Saraswathi Nagar North 2nd Street guideline value

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

How the guideline value of Saraswathi Nagar North 2nd Street has changed

The guideline value for Saraswathi Nagar North 2nd Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was then decreased to Rs 1,675 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,500 per sq.ft, and the most recent 2024 revision raised it further to Rs 2,800 per sq.ft. Notably, there are no figures available for this street in the revisions of 2002, 2003, and 2007.

Between the revisions, there have been significant changes. The increase from 2023 to 2024 was 12%, while the jump from 2017 to 2023 was 49%. The value decreased by 33% from 2012 to 2017. Overall, from 2012 to 2024, there has been a net increase of 12% in the guideline value.

Guideline values in Neelankarai

In Neelankarai, there are 377 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, making the 2024 figure for Saraswathi Nagar North 2nd Street higher than the median.

• Saraswathi Nagar North 1st Street Pirathana Salai: Rs 2,800 per sq.ft (2024)
• Saraswathi Nagar North 3rd Street: Rs 2,800 per sq.ft (2024)
• Saraswathi Nagar North 4th Street: Rs 2,800 per sq.ft (2024)
• Saraswathi Nagar North 5th Street: Rs 2,800 per sq.ft (2024)
• Saraswathi Nagar Souh 1st Street: Rs 2,800 per sq.ft (2024)
• Saraswathi Nagar ECC School Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Saraswathi Nagar North 2nd 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 together 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.

You can also use our stamp duty and registration fee calculator for more accurate estimates.

Which Sub Registrar Office covers Saraswathi Nagar North 2nd Street?

The Sub Registrar Office that covers Saraswathi Nagar North 2nd 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 information.

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

The guideline value plays a crucial role in property transactions in Neelankarai. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid at the time of registration. This ensures that the transaction is recorded accurately and complies with local regulations.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the overall cost of the transaction. Understanding these values helps in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Saraswathi Nagar North 2nd Street?

The current guideline value of Saraswathi Nagar North 2nd 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 from Rs 2,500 per sq.ft in 2023 to Rs 2,800 per sq.ft in 2024, marking a 12% increase. It was Rs 1,675 per sq.ft in 2017, which shows a 49% increase to 2023.

What is the classification of land in Saraswathi Nagar North 2nd Street?

The land classification for Saraswathi Nagar North 2nd Street is Residential Class II Type - II.

What is the role of the Neelankarai SRO?

The Neelankarai SRO is responsible for maintaining the guideline value register and overseeing property registrations within its jurisdiction, including Saraswathi Nagar North 2nd Street.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a total fee of Rs 2,52,000.