Guideline Value for Srimathi Neelambal Nagar

Srimathi Neelambal Nagar guideline value

The current guideline value of Srimathi Neelambal Nagar is Rs 990 per sq.ft, effective from 1 July 2024. This area is located in Manancheri village and falls under the Kunrathur SRO, classified as Residential Class I Type - I.

How the guideline value of Srimathi Neelambal Nagar has changed

The guideline value for Srimathi Neelambal Nagar has undergone several revisions over the years. The earliest recorded value is from 2007, set at Rs 250 per sq.ft. This value increased significantly to Rs 900 per sq.ft in 2012, marking a 260% rise. However, it then decreased to Rs 603 per sq.ft in 2017, a drop of 33%. The value saw a substantial increase to Rs 900 per sq.ft in 2023, followed by a further increase to Rs 990 per sq.ft in 2024, representing a 10% change.

From 2017 to 2023, the increase was notable at 49%. Overall, comparing the 2007 value to the current 2024 figure, there has been a rise of 296%. It is important to note that there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Manancheri

In Manancheri, there are 59 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 550 to Rs 3,400 per sq.ft, with the median value being Rs 990 per sq.ft. The guideline value for Srimathi Neelambal Nagar aligns exactly with this median.

• Sri Kutty Vinayagar Nagar Extension: Rs 1,320 per sq.ft (2024)
• Sri Iyyappa Nagar: Rs 990 per sq.ft (2024)
• Sri Iswaryam Nagar: Rs 990 per sq.ft (2024)
• Sri Guruvayurappan Nagar Extension: Rs 990 per sq.ft (2024)
• Sri Devaki Nagar: Rs 2,150 per sq.ft (2024)
• Sri Vidhyalakshmi Avenue: Rs 990 per sq.ft (2024)

Stamp duty and registration fee for property in Srimathi Neelambal Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 990 per sq.ft, the total guideline value amounts to Rs 9,90,000. The stamp duty at 7% would be Rs 69,300, and the registration fee at 2% would be Rs 19,800, bringing the total cost for these fees to Rs 89,100. 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 Srimathi Neelambal Nagar?

The Sub Registrar Office that covers Srimathi Neelambal Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more details.

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

The guideline value is a critical factor in the registration process when buying or selling property in Manancheri. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring transparency in property transactions.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Srimathi Neelambal Nagar?

The current guideline value of Srimathi Neelambal Nagar is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 990 per sq.ft in 2024, marking an overall increase of 296% over the years.

What is the land classification of Srimathi Neelambal Nagar?

Srimathi Neelambal Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the registration office for this area?

The registration office for Srimathi Neelambal Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is also applicable.