Guideline Value for Saraswathi Nagar North 5th Street

Saraswathi Nagar North 5th Street guideline value

The current guideline value of Saraswathi Nagar North 5th Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Neelankarai village and falls under the Neelankarai SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Saraswathi Nagar North 5th Street has changed

The guideline value for Saraswathi Nagar North 5th Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was later reduced to Rs 1,675 per sq.ft in the 2017 revision. However, the value increased significantly to Rs 2,500 per sq.ft in the 2023 revision, and further to Rs 2,800 per sq.ft in the 2024 revision, marking a 12% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 12%. The register does not include figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Neelankarai

In Neelankarai, there are 377 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing the 2024 guideline value of Saraswathi Nagar North 5th Street above this median.

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

Stamp duty and registration fee for property in Saraswathi Nagar North 5th 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 to Rs 2,52,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Saraswathi Nagar North 5th Street?

The Saraswathi Nagar North 5th Street falls under 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 details.

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

The guideline value is a crucial factor during the registration of property transactions in Neelankarai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property. Buyers and sellers must be aware of the current guideline value to ensure compliance with registration norms and to avoid potential disputes during the transaction process.

Frequently asked questions

What is the current guideline value of Saraswathi Nagar North 5th Street?

The current guideline value of Saraswathi Nagar North 5th 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 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,800 per sq.ft in 2024.

What is the land classification for this street?

The land classification for Saraswathi Nagar North 5th Street is Residential Class II Type - II.

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

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000, and the registration fee would be Rs 56,000, totaling Rs 2,52,000.

Which office handles registrations for this street?

The Neelankarai Sub Registrar Office handles registrations for Saraswathi Nagar North 5th Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai.