Guideline Value for THE STRIP

The Strip guideline value

The current guideline value of The Strip in Uthandi village is Rs 1,700 per sq.ft, effective from 1 July 2024. This area falls under the Neelankarai SRO and is classified as Residential Class II Type - II.

How the guideline value of The Strip has changed

The guideline value for The Strip has seen several revisions over the years. In 2012, the value was Rs 1,500 per sq.ft. It then dropped to Rs 1,005 per sq.ft in 2017. The 2023 revision increased the value to Rs 1,500 per sq.ft, and the most recent revision in 2024 set it at Rs 1,700 per sq.ft. Notably, the revisions for the years 2002, 2003, and 2007 have no figures recorded for this street.

Between the revisions, there have been significant changes. From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it increased by 49%. The overall change from 2012 to 2024 is an increase of 13%.

Guideline values in Uthandi

In Uthandi, there are 197 streets under the Neelankarai SRO, with a 2024 guideline value ranging from Rs 1,100 to Rs 14,700 per sq.ft. The median value is Rs 1,700 per sq.ft, which is equal to the current guideline value of The Strip.

• Thanthoni Amman Koil Street: Rs 1,700 per sq.ft (2024)
• THANTHONI AMMAN KOIL 2nd STREET: Rs 1,700 per sq.ft (2024)
• THANTHONI AMMAN KOIL 1st STREET: Rs 1,700 per sq.ft (2024)
• Thandu Mariamman Koil Street: Rs 1,700 per sq.ft (2024)
• S.V.S.River View Residency: Rs 2,200 per sq.ft (2024)
• Suthananda Salai: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in The Strip

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total to Rs 1,53,000. It is important to note that the stamp duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers The Strip?

The Strip falls under 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 Uthandi

The guideline value is a critical factor during the registration process when buying or selling property in Uthandi. It serves as a reference point for determining the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When a property is registered, the guideline value ensures that the transaction is recorded at a fair value. This helps maintain transparency in property transactions and ensures that the appropriate taxes are collected by the government.

Frequently asked questions

What is the current guideline value of The Strip?

The current guideline value of The Strip in Uthandi village 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 from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,700 per sq.ft in 2024.

What is the median guideline value in Uthandi?

The median guideline value in Uthandi is Rs 1,700 per sq.ft, which is the same as the current guideline value for The Strip.

What are the stamp duty and registration fees for The Strip?

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total stamp duty is Rs 1,19,000 and the registration fee is Rs 34,000, making the total Rs 1,53,000.

Which office handles property registrations for The Strip?

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