Guideline Value for Suresh Avenue

Suresh Avenue guideline value

The current guideline value of Suresh Avenue, located in Neelankarai village under the Neelankarai SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - II land classification.

How the guideline value of Suresh Avenue has changed

The guideline value for Suresh Avenue has undergone several revisions over the years. In 2002, the value was Rs 160 per sq.ft, which increased to Rs 174 per sq.ft in 2003, marking a 9% rise. The value then saw a significant jump to Rs 500 per sq.ft in 2007, reflecting a 187% increase. By 2012, the value reached Rs 2,500 per sq.ft, which was a 400% increase from the previous revision. However, in 2017, it decreased to Rs 1,675 per sq.ft, indicating a 33% decline. The value rose again to Rs 2,500 per sq.ft in 2023, and most recently, it has increased to Rs 2,800 per sq.ft in 2024, representing a 12% rise.

Overall, from 2002 to 2024, the guideline value has increased by 1650%. The register has no figure for Suresh Avenue for the years not listed above.

Guideline values in Neelankarai

In Neelankarai village, there are 377 streets under the Neelankarai SRO, with 2024 guideline values ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median value is Rs 2,200 per sq.ft, placing Suresh Avenue's 2024 figure above that median.

• Suriya Garden 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Suriya Garden 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Suriya Garden Main Road: Rs 3,300 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)
• Sunrise Avenue 6th Cross Street: Rs 5,000 per sq.ft (2024)

Stamp duty and registration fee for property in Suresh Avenue

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 at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total fees to Rs 2,52,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Suresh Avenue?

The Sub Registrar Office that covers Suresh Avenue 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 information.

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

The guideline value is a critical factor during property transactions in Neelankarai. It serves as a benchmark for determining the minimum value at which properties can be registered. When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees.

Buyers and sellers should be aware that the guideline value may differ from the actual sale price. The higher of the two values is used for calculating the stamp duty, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Suresh Avenue?

The current guideline value of Suresh Avenue 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 significantly from Rs 160 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, marking an overall increase of 1650% over the years.

What is the stamp duty for properties in Suresh Avenue?

The stamp duty for properties in Suresh Avenue is 7% of the guideline value or the sale price, whichever is higher.

Where is the Neelankarai Sub Registrar Office located?

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

What is the land classification for Suresh Avenue?

Suresh Avenue falls under the Residential Class II Type - II land classification, as per the guidelines set by the local authorities.