Guideline Value for Sur.Vi.Vi.Nagar

Sur.Vi.Vi.Nagar guideline value

The current guideline value of Sur.Vi.Vi.Nagar, located in Neelankarai village under the Neelankarai SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - II.

How the guideline value of Sur.Vi.Vi.Nagar has changed

The guideline value for Sur.Vi.Vi.Nagar has undergone several revisions over the years. In 2002, the value was Rs 185 per sq.ft, which increased to Rs 202 per sq.ft in 2003. The value saw a significant rise to Rs 500 per sq.ft in 2007, followed by a jump to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017. The value then increased to Rs 2,500 per sq.ft in 2023, before reaching the current figure of Rs 2,800 per sq.ft in 2024.

Examining the changes between these revisions, from 2002 to 2024, there has been a notable overall increase of 1,414%. The revision from 2017 to 2023 saw a rise of 49%, while the jump from 2023 to 2024 was 12%. The largest increase occurred from 2007 to 2012 at 400%, and the only decrease was from 2012 to 2017 at 33%.

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 guideline value for these streets is Rs 2,200 per sq.ft, placing Sur.Vi.Vi.Nagar's 2024 figure above this median.

• Suriya Garden Main Road: Rs 3,300 per sq.ft (2024)
• Suriya Garden 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Suriya Garden 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Suresh Avenue: Rs 2,800 per sq.ft (2024)
• Sunrise Avenue Salai: Rs 5,000 per sq.ft (2024)
• Sunrise Avenue 7th Cross Street: Rs 5,000 per sq.ft (2024)

Stamp duty and registration fee for property in Sur.Vi.Vi.Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty, charged at 7%, would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total fees to Rs 2,52,000. It is important to note that the 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 Sur.Vi.Vi.Nagar?

The Sub Registrar Office that covers Sur.Vi.Vi.Nagar 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 is a crucial factor during the registration of property transactions in Neelankarai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that transactions are conducted at a fair value as per the government norms.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with property transactions. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

What is the current guideline value of Sur.Vi.Vi.Nagar?

The current guideline value of Sur.Vi.Vi.Nagar is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 185 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, showing an overall increase of 1,414% over this period.

What are the stamp duty and registration fees for property in Sur.Vi.Vi.Nagar?

For a 1,000 sq.ft property, the total guideline value is Rs 28,00,000, leading to a stamp duty of Rs 1,96,000 and a registration fee of Rs 56,000, totaling Rs 2,52,000.

Which Sub Registrar Office covers Sur.Vi.Vi.Nagar?

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

What is the land classification of Sur.Vi.Vi.Nagar?

Sur.Vi.Vi.Nagar is classified as Residential Class II Type - II, indicating its suitability for residential purposes.