Guideline Value for S.P.M. Nagar

S.P.M. Nagar guideline value

The current guideline value of S.P.M. Nagar is Rs 550 per sq.ft, effective from 1 July 2024. This area is located in Attanthangal village and falls under the Redhills SRO. The land classification for this street is Residential Class II Type - I.

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

Since the 2007 revision, the guideline value has increased significantly. In 2007, the value was Rs 200 per sq.ft, which rose to Rs 500 per sq.ft in 2012, marking a 150% increase. However, from 2012 to 2017, the value decreased to Rs 335 per sq.ft, a decline of 33%. The value then increased to Rs 500 per sq.ft in 2023, showing a gain of 49% before reaching the current value of Rs 550 per sq.ft in 2024, a 10% increase.

There are no figures available for the revisions in 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 175%.

Guideline values in Attanthangal

In Attanthangal, there are 80 streets under the Redhills SRO that have a 2024 guideline value ranging from Rs 440 to Rs 880 per sq.ft, with a median value of Rs 880 per sq.ft. The guideline value for S.P.M. Nagar is below this median.

• Sri Ganapathy Nagar: Rs 880 per sq.ft (2024)
• Sri Mahalakshmi Nagar: Rs 880 per sq.ft (2024)
• Seetha Lakshmi Nagar: Rs 440 per sq.ft (2024)
• Sathya Nagar: Rs 880 per sq.ft (2024)
• TATA Nagar: Rs 550 per sq.ft (2024)
• Sakthivel Nagar: Rs 880 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current rate of Rs 550 per sq.ft, the guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, totaling Rs 49,500. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

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

The Sub Registrar Office that covers S.P.M. Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Attanthangal. It serves as a benchmark for calculating stamp duty and registration fees, ensuring transparency in property dealings.

When buying or selling property, the guideline value helps determine the legal value of the property for registration purposes. This value is essential for both buyers and sellers to understand their financial obligations during the transaction.

Frequently asked questions

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

The current guideline value of S.P.M. Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 200 per sq.ft in 2007 to Rs 550 per sq.ft in 2024, marking a 175% increase overall. The most recent revision was a 10% increase from Rs 500 per sq.ft in 2023.

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

S.P.M. Nagar is classified as Residential Class II Type - I. This classification is important for determining the appropriate guidelines for property transactions in the area.

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

The Redhills Sub Registrar Office handles property registrations for S.P.M. Nagar. It is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for properties in S.P.M. Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a plot of 1,000 sq.ft at the current guideline value of Rs 5,50,000, the stamp duty would be Rs 38,500.