Guideline Value for Syamala Street

Syamala Street guideline value

The current guideline value of Syamala Street is Rs 2,200 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 II Type - III.

How the guideline value of Syamala Street has changed

Over the years, the guideline value of Syamala Street has seen several revisions. The earliest available figure is from 2007, where the guideline value was Rs 700 per sq.ft. This jumped significantly to Rs 2,000 per sq.ft in 2012, marking an increase of 186%. However, by 2017, the value decreased to Rs 1,340 per sq.ft, a decline of 33%. The value then rose to Rs 2,000 per sq.ft in 2023, representing a 49% increase. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, a 10% increase from the previous year.

The register does not have figures for the years 2002 and 2003 for this street.

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 guideline value is Rs 2,200 per sq.ft, which is equal to the 2024 figure for Syamala Street.

• Sur.Vi.Vi.Nagar: Rs 2,800 per sq.ft (2024)
• 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)

Stamp duty and registration fee for property in Syamala Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Syamala Street?

The Sub Registrar Office that covers Syamala 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 information.

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

The guideline value is a crucial factor when registering property transactions in Neelankarai. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the registration process.

When buying or selling property, the guideline value is used to ensure that the transaction is recorded at a value that reflects the current market conditions, as set by the Registration Department. This helps maintain transparency and fairness in property dealings.

Frequently asked questions

What is the current guideline value of Syamala Street?

The current guideline value of Syamala Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 214% over this period.

What is the land classification for Syamala Street?

Syamala Street is classified as Residential Class II Type - III, indicating its suitability for residential development.

Where can I find the Neelankarai Sub Registrar Office?

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

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a property with a guideline value of Rs 22,00,000, the stamp duty would be calculated at 7% of that amount.