Guideline Value for S.R. Nagar Extension 1st Street

S.R. Nagar Extension 1st Street guideline value

The current guideline value of S.R. Nagar Extension 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Selavoyal village under the Madhavaram SRO, classified as Residential Class II Type - I.

How the guideline value of S.R. Nagar Extension 1st Street has changed

The guideline value for S.R. Nagar Extension 1st Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,800 per sq.ft, which then decreased to Rs 1,340 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,000 per sq.ft in 2023, and further rose to Rs 2,200 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 22%. The register does not have figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Selavoyal

In Selavoyal village, there are 170 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 3,300 per sq.ft. The median for these streets is Rs 2,200 per sq.ft, which is the same as the 2024 guideline value for S.R. Nagar Extension 1st Street.

• S.R. Nagar Extension: Rs 2,200 per sq.ft (2024)
• S.R. Nagar Extension 2nd Street: Rs 2,200 per sq.ft (2024)
• S.R. Nagar: Rs 2,200 per sq.ft (2024)
• Srivari Nagar (N.S. Garden): Rs 2,200 per sq.ft (2024)
• Srivari Nagar: Rs 2,200 per sq.ft (2024)
• Subam Nagar: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in S.R. Nagar Extension 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. 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 S.R. Nagar Extension 1st Street?

The S.R. Nagar Extension 1st Street falls under the Madhavaram Sub Registrar Office located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions, as it determines the minimum value at which properties must be registered. When buying or selling property in Selavoyal, the guideline value will influence the amount of stamp duty and registration fees payable during the transaction.

It is essential for buyers and sellers to be aware of the guideline value, as it ensures compliance with local regulations and helps in understanding the financial implications of property transactions.

Frequently asked questions

What is the current guideline value of S.R. Nagar Extension 1st Street?

The current guideline value of S.R. Nagar Extension 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the stamp duty rate for property in S.R. Nagar Extension 1st Street?

The stamp duty rate for property in S.R. Nagar Extension 1st Street is 7% of the guideline value or the sale price, whichever is higher.

What is the registration fee for property transactions?

The registration fee for property transactions in S.R. Nagar Extension 1st Street is 2% of the guideline value or the sale price, whichever is higher.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.