Guideline Value for Sivan Koil Cross Street

Sivan Koil Cross Street guideline value

The current guideline value of Sivan Koil Cross Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Neelankarai village under the Neelankarai SRO, classified as Residential Class III Type - I.

How the guideline value of Sivan Koil Cross Street has changed

The guideline value for Sivan Koil Cross Street has undergone several revisions. In 2012, the guideline value was Rs 1,500 per sq.ft, which decreased to Rs 1,005 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,500 per sq.ft in 2023, and then to Rs 1,700 per sq.ft in 2024, marking a 13% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. Overall, comparing the figures from 2012 to 2024, there has been a 13% increase. The register does not contain 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, indicating that Sivan Koil Cross Street's current value is below this median.

• Sivan Koil Street: Rs 1,700 per sq.ft (2024)
• Siron Mani Nagar (Canal West): Rs 1,700 per sq.ft (2024)
• Singaravelan South Street: Rs 3,300 per sq.ft (2024)
• Singaravelan Pirathana Salai: Rs 4,400 per sq.ft (2024)
• Singaravelan North Street: Rs 3,300 per sq.ft (2024)
• Singaravelan 9th Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sivan Koil Cross Street

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, charged at 7%, would amount to Rs 1,19,000, while the registration fee at 2% would be Rs 34,000. Together, the total cost for these fees would be Rs 1,53,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sivan Koil Cross Street?

The Sub Registrar Office that covers Sivan Koil Cross 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 additional information.

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

The guideline value is an essential factor during property registration in Neelankarai. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that both buyers and sellers are aware of the official property valuation.

When a property is bought or sold, the guideline value helps determine the amount of tax payable, which is based on the higher of the guideline value or the sale price. This process aids in maintaining transparency and consistency in property transactions.

Frequently asked questions

What is the current guideline value of Sivan Koil Cross Street?

The current guideline value of Sivan Koil Cross Street 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 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,700 per sq.ft in 2024.

What is the land classification for Sivan Koil Cross Street?

Sivan Koil Cross Street is classified as Residential Class III Type - I, which indicates its designation for residential use.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, a 1,000 sq.ft plot at Rs 1,700 per sq.ft incurs a total of Rs 1,53,000 in fees.

Where is the Sub Registrar Office for Sivan Koil Cross Street located?

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