Guideline Value for S.M. Nagar

S.M. Nagar guideline value

The current guideline value of S.M. Nagar, located in Thirumazhisai village under the Poonamallee SRO, is Rs 1,320 per sq.ft. This value is effective from the 2024 revision, which took effect on 1 July 2024. The land classification for this area is Commercial Special Type - I.

How the guideline value of S.M. Nagar has changed

Over the years, the guideline value of S.M. Nagar has seen several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which was followed by a decrease to Rs 804 per sq.ft in the 2017 revision. In 2023, the value increased to Rs 1,200 per sq.ft, and the latest revision in 2024 raised it further to Rs 1,320 per sq.ft, marking a 10% increase from the previous year. The register has no figures for the years 2002, 2003, and 2007 for this street.

From the 2012 revision to the 2017 revision, there was a significant decrease of 33%. However, from 2017 to 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Thirumazhisai

In Thirumazhisai, there are 86 streets under the Poonamallee SRO that carry a 2024 guideline value ranging from Rs 730 to Rs 3,500 per sq.ft. The median guideline value for these streets is Rs 1,320 per sq.ft, which is equal to the current guideline value of S.M. Nagar.

• Sreevari Gardens Annex: Rs 1,650 per sq.ft (2024)
• Sreevari Nagar Annex: Rs 990 per sq.ft (2024)
• Sreevari Nagar Phase I Annex II: Rs 1,210 per sq.ft (2024)
• Sreevari Nagar Phase - I Annex - III: Rs 1,650 per sq.ft (2024)
• Sreevari Nagar Phase - II: Rs 990 per sq.ft (2024)
• Shree Balaji Nagar: Rs 1,440 per sq.ft (2024)

Stamp duty and registration fee for property in S.M. Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total fees together to Rs 1,18,800. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers S.M. Nagar?

The Sub Registrar Office that covers S.M. Nagar is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Thirumazhisai. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing a property. These fees are calculated based on the higher of the guideline value or the sale price.

When selling property, the guideline value ensures that the transaction is recorded at a fair value, reflecting the current market conditions as per the official register. This helps maintain transparency and accountability in property dealings.

Frequently asked questions

What is the current guideline value of S.M. Nagar?

The current guideline value of S.M. Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then back to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,320 per sq.ft in 2024.

What is the land classification for S.M. Nagar?

The land classification for S.M. Nagar is Commercial Special Type - I, indicating its suitability for commercial activities.

What are the stamp duty rates applicable in S.M. Nagar?

The stamp duty rate applicable in S.M. Nagar is 7%, while the registration fee is 2% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for S.M. Nagar?

The Sub Registrar Office for S.M. Nagar is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056.