Guideline Value for S.V.M. Nagar

S.V.M. Nagar guideline value

The current guideline value of S.V.M. Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024. This locality is situated in Kolathur village, under the Sembiam Sub Registrar Office, and is classified as Residential Class II Type - I.

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

The guideline value for S.V.M. Nagar has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 235 per sq.ft. It increased to Rs 255 per sq.ft in 2003, marking a 9% rise. The value saw a significant jump to Rs 700 per sq.ft in 2007, which was a 175% increase. In 2012, the value reached Rs 2,500 per sq.ft, reflecting a 257% rise from the previous revision. However, in 2017, it decreased to Rs 1,675 per sq.ft, a decline of 33%. The most recent revision in 2024 set the guideline value at Rs 2,700 per sq.ft, representing a 61% increase from 2017. Notably, there are no figures available for the 2023 revision for this street.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for S.V.M. Nagar is below this median.

• Sundram Pannai: Rs 2,200 per sq.ft (2024)
• Sundram Nagar Main Road: Rs 2,700 per sq.ft (2024)
• Sundram Nagar Extension: Rs 2,700 per sq.ft (2024)
• Teacher Colony Extension (Ubathiyar Colony): Rs 2,700 per sq.ft (2024)
• Sundaram Nagar 2nd Street: Rs 2,700 per sq.ft (2024)
• Sundaram Nagar 1st Street: Rs 2,700 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, while the registration fee at 2% would be Rs 54,000. Together, the total cost for these fees would be Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

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

The S.V.M. Nagar area is covered by the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for additional information.

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

The guideline value is a crucial factor when buying or selling property in Kolathur, as it determines the amount of stamp duty and registration fees payable at the time of registration. Buyers and sellers must consider this value to ensure compliance with legal requirements and to accurately calculate the associated costs.

During the registration process, the guideline value serves as a benchmark for the transaction. If the sale price is higher than the guideline value, the stamp duty will be calculated based on the sale price instead. This ensures that the government receives the correct amount of revenue from property transactions.

Frequently asked questions

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

The current guideline value of S.V.M. Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 235 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 1049% over the years.

What land classification does S.V.M. Nagar fall under?

S.V.M. Nagar is classified as Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property in S.V.M. Nagar?

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

Where is the Sembiam Sub Registrar Office located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011, and it covers the S.V.M. Nagar area.