Guideline Value for S.M.S. NAGAR

S.M.S. Nagar guideline value

The current guideline value of S.M.S. Nagar in Karunilam village is Rs 500 per sq.ft, effective from 1 July 2024. This property falls under the Chengleput Joint II SRO and is classified as Residential Class I Type - I.

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

The guideline value for S.M.S. Nagar has undergone several revisions over the years. In the 2007 revision, the value was set at Rs 300 per sq.ft, which increased to Rs 500 per sq.ft in the 2012 revision. However, it then decreased to Rs 335 per sq.ft in 2017. The most recent revisions in 2023 and 2024 have maintained the value at Rs 500 per sq.ft, showing no change from the previous year.

From 2017 to 2023, there was a significant increase of 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 67%. It is important to note that the register has no figures for S.M.S. Nagar for the years 2002 and 2003.

Guideline values in Karunilam

In Karunilam, there are 35 streets under the Chengleput Joint II SRO that have a 2024 guideline value ranging from Rs 400 to Rs 1,200 per sq.ft. The median for these streets is Rs 501 per sq.ft, placing S.M.S. Nagar's 2024 guideline value below this median.

• Sri Kalaivani Avenue: Rs 500 per sq.ft (2024)
• Sri Kalaivani Avenue Extn: Rs 500 per sq.ft (2024)
• Sri Ram Nagar: Rs 500 per sq.ft (2024)
• Sri Ram Nagar Extn -I: Rs 500 per sq.ft (2024)
• Sri Ram Nagar Extn -II: Rs 500 per sq.ft (2024)
• Sri Sathiya Sai Nagar Phase- 4: Rs 600 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value is Rs 5,00,000. The stamp duty at 7% would amount to Rs 35,000, and the registration fee at 2% would be Rs 10,000, bringing the total fees to Rs 45,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers S.M.S. Nagar?

The S.M.S. Nagar property is covered by the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Karunilam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of registration.

When a property is sold, the buyer must ensure that the sale price is not lower than the guideline value, as the duty is charged on the higher of the two. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of S.M.S. Nagar is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent revisions in 2023 and 2024 maintaining the value at Rs 500 per sq.ft. The value increased from Rs 335 per sq.ft in 2017 to Rs 500 per sq.ft in 2023.

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

The stamp duty for properties in S.M.S. Nagar is 7% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur a stamp duty of Rs 35,000 based on the current guideline value.

Which office handles property registrations in S.M.S. Nagar?

The Chengleput Joint II Sub Registrar Office handles property registrations for S.M.S. Nagar. It is located at 10, Kancheepuram Main Road, Chengalpattu 603 002.

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

S.M.S. Nagar is classified as Residential Class I Type - I, which indicates its suitability for residential development.