Guideline Value for Sivan Koil Street

Sivan Koil Street guideline value

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

How the guideline value of Sivan Koil Street has changed

The guideline value of Sivan Koil Street has seen several revisions over the years. In 2002, the value was Rs 94 per sq.ft, which increased to Rs 103 per sq.ft in 2003, marking a 10% rise. The value then surged significantly to Rs 700 per sq.ft in 2007, reflecting a remarkable 580% increase. Following that, in 2012, the value was Rs 1,500 per sq.ft, which represented a 114% increase from the previous revision.

In 2017, the guideline value decreased to Rs 1,005 per sq.ft, showing a decline of 33%. The value then rose to Rs 1,500 per sq.ft in 2023, a 49% increase from 2017. The most recent revision in 2024 set the value at Rs 1,700 per sq.ft, indicating a 13% increase from the previous year. The register has no figure for the years not mentioned in this summary.

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 value for these streets is Rs 2,200 per sq.ft, placing Sivan Koil Street's 2024 figure below that median.

• Sivan Koil Cross 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 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 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 or the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Sivan Koil Street?

The Sub Registrar Office that covers Sivan Koil 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 details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Neelankarai. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

When a property is registered, the guideline value ensures that the transaction reflects a fair valuation according to the local real estate market. This helps maintain transparency and accountability in property transactions within the region.

Frequently asked questions

What is the current guideline value of Sivan Koil Street?

The current guideline value of Sivan Koil 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 several times, starting from Rs 94 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, reflecting an overall increase of 1,709% over this period.

What is the median guideline value for streets in Neelankarai?

The median guideline value for streets in Neelankarai is Rs 2,200 per sq.ft, which is higher than the current value of Sivan Koil Street.

What are the stamp duty and registration fees for property in Sivan Koil Street?

For a 1,000 sq.ft property at the current guideline value, the total stamp duty would be Rs 1,19,000 and the registration fee would be Rs 34,000, totaling Rs 1,53,000.

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

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