Guideline Value for S.R. Nagar Extension 2nd Street

S.R. Nagar Extension 2nd Street guideline value

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

How the guideline value of S.R. Nagar Extension 2nd Street has changed

The guideline value for S.R. Nagar Extension 2nd Street has seen several revisions over the years. In 2012, the value was Rs 1,800 per sq.ft, which decreased to Rs 1,340 per sq.ft in 2017. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value up to Rs 2,000 per sq.ft. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 22%.

Guideline values in Selavoyal

In Selavoyal, 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 value is Rs 2,200 per sq.ft, which is the same as the current guideline value for S.R. Nagar Extension 2nd Street.

• S.R. Nagar Extension 1st Street: Rs 2,200 per sq.ft (2024)
• S.R. Nagar Extension: 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 2nd 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, while the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers S.R. Nagar Extension 2nd Street?

The S.R. Nagar Extension 2nd 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 crucial factor in the registration process when buying or selling property in Selavoyal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is conducted at a fair price as per government standards.

When registering a property, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial obligations associated with the property transaction.

Frequently asked questions

What is the current guideline value of S.R. Nagar Extension 2nd Street?

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

How has the guideline value changed over the years?

Over the years, the guideline value has seen several revisions, with the most recent increase being from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, a change of 10%.

What is the land classification for S.R. Nagar Extension 2nd Street?

S.R. Nagar Extension 2nd Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.

How is stamp duty calculated for properties in S.R. Nagar Extension 2nd Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 1,54,000 at 7%.