Guideline Value for Worker's Estate 3rd Main Road

Worker's Estate 3rd Main Road guideline value

The current guideline value of Worker's Estate 3rd Main Road is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is located in Neelankarai village, under the Neelankarai SRO, and is classified as Residential Class I Type - I.

How the guideline value of Worker's Estate 3rd Main Road has changed

The guideline value for Worker's Estate 3rd Main Road has seen several revisions over the years. The earliest recorded figure is from 2002, which was Rs 434 per sq.ft. This increased to Rs 483 per sq.ft in 2003, marking an 11% rise. The value then surged significantly to Rs 1,500 per sq.ft in 2007, reflecting a 211% increase. Following this, the guideline value reached Rs 4,000 per sq.ft in 2012, a notable increase of 167% from the previous revision. However, it dropped to Rs 2,680 per sq.ft in 2017, which was a decrease of 33%.

In 2023, the guideline value was revised to Rs 4,000 per sq.ft, and then further increased by 10% to the current figure of Rs 4,400 per sq.ft in 2024. Overall, from 2002 to 2024, the guideline value has increased by 914%.

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 this area is Rs 2,200 per sq.ft, placing Worker's Estate 3rd Main Road above this median.

• Worker's Estate 3rd Cross Street: Rs 4,400 per sq.ft (2024)
• Worker's Estate 3rd Street: Rs 4,400 per sq.ft (2024)
• Worker's Estate 2nd Main Road: Rs 4,400 per sq.ft (2024)
• Worker's Estate 4th Cross Street: Rs 4,400 per sq.ft (2024)
• Worker's Estate 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Worker's Estate 5th Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Worker's Estate 3rd Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000. Together, the total cost would be Rs 3,96,000. 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 Worker's Estate 3rd Main Road?

The Sub Registrar Office that covers Worker's Estate 3rd Main Road 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 in the registration process when buying or selling property. It serves as a benchmark for determining the amount of stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Worker's Estate 3rd Main Road?

The current guideline value of Worker's Estate 3rd Main Road is Rs 4,400 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 434 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 914% over the years.

What is the median guideline value in Neelankarai?

The median guideline value in Neelankarai is Rs 2,200 per sq.ft, with Worker's Estate 3rd Main Road being above this median at Rs 4,400 per sq.ft.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the same. For example, a 1,000 sq.ft plot would incur a total cost of Rs 3,96,000 in fees.

Where is the Sub Registrar Office for Worker's Estate 3rd Main Road located?

The Sub Registrar Office for Worker's Estate 3rd Main Road is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.