Guideline Value for Indira Nagar Extension

Indira Nagar Extension guideline value

The current guideline value of Indira Nagar Extension in Srinivasapuram village, under the Kunrathur SRO, is Rs 1,550 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Indira Nagar Extension has changed

Since the guideline value register began, the figures for Indira Nagar Extension have seen several revisions. The earliest recorded value was Rs 76 per sq.ft in 2003, which increased significantly to Rs 400 per sq.ft in 2007. Following that, the value surged by 250% to Rs 1,400 per sq.ft in 2012, but then dropped by 33% to Rs 938 per sq.ft in 2017. The value saw a substantial increase of 49% to Rs 1,400 per sq.ft in 2023, before reaching the current value of Rs 1,550 per sq.ft in the 2024 revision, marking an 11% rise.

Overall, from 2003 to 2024, the guideline value has increased by 1939%. It is important to note that there is no figure available for the year 2002 for this street in the register.

Guideline values in Srinivasapuram

In Srinivasapuram, there are 39 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 1,550 to Rs 7,400 per sq.ft, with a median value of Rs 1,650 per sq.ft. The guideline value for Indira Nagar Extension is below this median.

• Indira Nagar: Rs 1,550 per sq.ft (2024)
• Gajalakshmi Nagar: Rs 2,000 per sq.ft (2024)
• Kamatchi amman Nagar: Rs 2,000 per sq.ft (2024)
• Kasi Avenue: Rs 2,000 per sq.ft (2024)
• Balaji Nagar Annexe: Rs 1,550 per sq.ft (2024)
• Mariyamman Koil Street: Rs 1,550 per sq.ft (2024)

Stamp duty and registration fee for property in Indira Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 1,550 per sq.ft, the total guideline value amounts to Rs 15,50,000. The stamp duty, charged at 7%, would be Rs 1,08,500, and the registration fee, at 2%, would be Rs 31,000. Together, these fees total Rs 1,39,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Indira Nagar Extension?

The Indira Nagar Extension area falls under the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration of property transactions in Srinivasapuram. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the financial aspects of the transaction. Buyers should be aware that the stamp duty is calculated based on the higher of the guideline value or the actual sale price, which ensures transparency in property dealings.

Frequently asked questions

What is the current guideline value of Indira Nagar Extension?

The current guideline value of Indira Nagar Extension is Rs 1,550 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 76 per sq.ft in 2003 to Rs 1,550 per sq.ft in 2024, reflecting an overall increase of 1939% over the years.

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

For a property valued at Rs 15,50,000, the stamp duty would be Rs 1,08,500 and the registration fee would be Rs 31,000, totaling Rs 1,39,500.

Which office handles property registration for Indira Nagar Extension?

The Kunrathur Sub Registrar Office handles property registration for Indira Nagar Extension, located at No.59, Road Street, Kundrathur, Chennai -600 069.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum price for property registration, ensuring that appropriate stamp duty and registration fees are collected based on either the guideline value or the sale price, whichever is higher.