Guideline Value for Sea View Avenue

Sea View Avenue guideline value

The current guideline value of Sea View Avenue, located in Neelankarai village under the Neelankarai SRO, is Rs 3,900 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - II land classification.

How the guideline value of Sea View Avenue has changed

The guideline value of Sea View Avenue has seen significant changes over the years. In 2002, the guideline value was Rs 479 per sq.ft, which increased to Rs 521 per sq.ft in 2003. Following this, the value rose dramatically to Rs 1,500 per sq.ft in 2007, marking an increase of 188%. The 2012 revision saw a decrease to Rs 3,500 per sq.ft, a decline of 33%. However, the value rebounded to Rs 2,345 per sq.ft in 2017, reflecting a 49% increase. The most recent revision in 2023 set the value at Rs 3,500 per sq.ft, before reaching the current value of Rs 3,900 per sq.ft in 2024, an increase of 11%.

Over the entire period from 2002 to 2024, the overall increase in guideline value is 714%. There are no figures available for the revisions in the years not mentioned in the register.

Guideline values in Neelankarai

In Neelankarai, there are 377 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 10,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. Sea View Avenue's current 2024 guideline value is above this median.

• Sea View Enclave: Rs 6,100 per sq.ft (2024)
• Sea Woods: Rs 9,500 per sq.ft (2024)
• Sea Shell Avenue: Rs 3,900 per sq.ft (2024)
• Selvakumar Avenue: Rs 1,700 per sq.ft (2024)
• Selva Vinayagar Koil Street: Rs 1,700 per sq.ft (2024)
• Sengeni Amman Koil 1st Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Sea View Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total cost to Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Sea View Avenue?

The Sub Registrar Office that covers Sea View Avenue 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 calculate the stamp duty and registration fees, which are mandatory for the registration of the property. This ensures that the transaction is recorded officially 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 involved in property transactions. Understanding these values helps in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Sea View Avenue?

The current guideline value of Sea View Avenue is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 479 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of 714% over this period.

What is the median guideline value in Neelankarai?

The median guideline value in Neelankarai is Rs 2,200 per sq.ft, with Sea View Avenue's current value being above this median.

What are the stamp duty and registration fees for Sea View Avenue?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty is Rs 2,73,000 and the registration fee is Rs 78,000, totaling Rs 3,51,000.

Where is the Sub Registrar Office for Sea View Avenue located?

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