Guideline Value for Worker's Estate 3rd Street

Worker's Estate 3rd Street guideline value

The current guideline value of Worker's Estate 3rd Street in Neelankarai village, under the Neelankarai SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class I Type - I.

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

The guideline value for Worker's Estate 3rd Street has seen significant changes over the years. In 2002, the guideline value was Rs 434 per sq.ft. This increased to Rs 483 per sq.ft in 2003, marking an 11% rise. The value then surged to Rs 1,500 per sq.ft in 2007, reflecting a substantial increase of 211%. Following this, the value rose dramatically to Rs 4,000 per sq.ft in 2012, a 167% increase. However, it dropped to Rs 2,680 per sq.ft in 2017, which was a decrease of 33%. The value then increased to Rs 4,000 per sq.ft in 2023, and finally reached Rs 4,400 per sq.ft in 2024, showing a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 914%. There are no figures available for the revisions in years not listed in the register.

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 value for these streets is Rs 2,200 per sq.ft, placing Worker's Estate 3rd Street above this median.

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

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

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total cost for these fees to Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Worker's Estate 3rd Street?

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

When a property is registered, the guideline value is compared to the sale price, and the higher of the two amounts is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Worker's Estate 3rd Street?

The current guideline value for Worker's Estate 3rd Street 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, increasing from Rs 434 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 914%.

What are the stamp duty and registration fees for property in Worker's Estate 3rd Street?

For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 3,96,000 based on the current guideline value.

Which Sub Registrar Office covers Worker's Estate 3rd Street?

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

How is the guideline value used during property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. The higher of the guideline value or the sale price is considered for calculating these fees.