Guideline Value for S.R. Nagar Extension

S.R. Nagar Extension guideline value

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

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

The guideline value for S.R. Nagar Extension 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 the 2017 revision, reflecting a decline of 26%. However, from 2017 to 2023, the value increased significantly to Rs 2,000 per sq.ft, marking a 49% rise. The most recent revision in 2024 established the current value at Rs 2,200 per sq.ft, representing a 10% increase from the previous year.

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

Guideline values in Selavoyal

In Selavoyal village, there are 170 streets under the Madhavaram SRO with 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 equal to the guideline value of S.R. Nagar Extension.

• S.R. Nagar: Rs 2,200 per sq.ft (2024)
• S.R. Nagar Extension 1st Street: Rs 2,200 per sq.ft (2024)
• S.R. Nagar Extension 2nd Street: 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

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the 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, bringing the total to Rs 1,98,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers S.R. Nagar Extension?

The S.R. Nagar Extension falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process of property transactions in Selavoyal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the fair valuation of the property. It is essential for buyers to be aware of the guideline value to avoid overpaying, while sellers must consider it to set a competitive price for their property.

Frequently asked questions

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

The current guideline value of S.R. Nagar Extension 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 2,200 per sq.ft in 2024, with notable increases and a decrease in between these years.

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

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

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

The Sub Registrar Office covering S.R. Nagar Extension is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What does the guideline value indicate for property buyers?

The guideline value indicates the minimum value at which a property can be registered and helps buyers understand the fair valuation of properties in the area.