Guideline Value for Selvakumar Avenue

Selvakumar Avenue guideline value

The current guideline value of Selvakumar Avenue is Rs 1,700 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 III Type - I.

How the guideline value of Selvakumar Avenue has changed

The guideline value for Selvakumar Avenue has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 145 per sq.ft. In 2003, it increased to Rs 158 per sq.ft, marking a 9% rise. The 2007 revision saw a significant jump to Rs 250 per sq.ft, which was a 58% increase. The value then rose dramatically to Rs 1,500 per sq.ft in the 2012 revision, reflecting a 500% increase. However, in 2017, the guideline value decreased to Rs 1,005 per sq.ft, a drop of 33%. The value increased again in 2023 to Rs 1,500 per sq.ft, and the most recent revision in 2024 set it at Rs 1,700 per sq.ft, which is a 13% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1072%. There are no figures available for revisions in years not mentioned in the register for this street.

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. The median value for these streets is Rs 2,200 per sq.ft, placing Selvakumar Avenue's 2024 figure below that median.

• Selva Vinayagar Koil Street: Rs 1,700 per sq.ft (2024)
• Sengeni Amman Koil 1st Street: Rs 1,700 per sq.ft (2024)
• Sengeni Amman Koil 2nd Street: Rs 1,700 per sq.ft (2024)
• Sengeni Amman Koil 3rd Street: Rs 1,700 per sq.ft (2024)
• Sengeni Amman Koil 4th Street: Rs 1,700 per sq.ft (2024)
• Sengeni Amman Koil Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Selvakumar Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would amount to Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total to Rs 1,53,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Selvakumar Avenue?

The Sub Registrar Office that covers Selvakumar 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 details.

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

The guideline value plays a crucial role during the registration of property transactions in Neelankarai. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value is used to calculate the stamp duty, which is charged at a percentage of the guideline value or the sale price, whichever is higher. This ensures transparency and standardization in property transactions.

Frequently asked questions

What is the current guideline value of Selvakumar Avenue?

The current guideline value of Selvakumar Avenue is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 145 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, reflecting significant fluctuations over the years.

What is the land classification of Selvakumar Avenue?

Selvakumar Avenue is classified as Residential Class III Type - I, indicating its designation for residential use.

What are the stamp duty rates applicable in Selvakumar Avenue?

The stamp duty rate for properties in Selvakumar Avenue is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Selvakumar Avenue?

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