Guideline Value for Srinivasa Avenue

Srinivasa Avenue guideline value

The current guideline value of Srinivasa 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 Srinivasa Avenue has changed

Since the 2002 revision, the guideline value for Srinivasa Avenue has seen significant changes. In 2002, the guideline value was Rs 479 per sq.ft, which increased to Rs 521 per sq.ft in 2003, marking a 9% rise. The value then rose to Rs 1,000 per sq.ft in 2007, reflecting a 92% increase. By 2012, the value was Rs 1,500 per sq.ft, which was a 50% increase from the previous revision. However, there was a decline of 33% to Rs 1,005 per sq.ft in 2017. The value then rose to Rs 1,500 per sq.ft in 2023, before reaching the current rate of Rs 1,700 per sq.ft in 2024, which is a 13% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 255%. There are no figures available for revisions in years other than those listed.

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 guideline value in the village is Rs 2,200 per sq.ft, placing Srinivasa Avenue's 2024 figure below this median.

• Srinivasan Nagar: Rs 1,700 per sq.ft (2024)
• Srinivasapuram: Rs 1,700 per sq.ft (2024)
• Sri Jaya Nagar: Rs 1,700 per sq.ft (2024)
• Sri Balaji Nagar: Rs 2,800 per sq.ft (2024)
• Sulthan Ahmed Street: Rs 1,700 per sq.ft (2024)
• Sivan Koil Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Srinivasa 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. Together, the total cost for stamp duty and registration would be Rs 1,53,000. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Srinivasa Avenue?

The Sub Registrar Office that covers Srinivasa Avenue is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is an essential factor during the registration of property transactions in Neelankarai. It serves as the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Srinivasa Avenue?

The current guideline value of Srinivasa 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 significantly from Rs 479 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, marking a 255% increase over this period.

What are the stamp duty and registration fees for property in Srinivasa Avenue?

For a property valued at Rs 17,00,000, the stamp duty would be Rs 1,19,000, and the registration fee would be Rs 34,000, totaling Rs 1,53,000.

Which Sub Registrar Office is responsible for Srinivasa Avenue?

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

What is the land classification for Srinivasa Avenue?

Srinivasa Avenue is classified as Residential Class III Type - I, indicating its suitability for residential development.