Guideline Value for SAIRAM NAGAR 3RD STREET

Sairam Nagar 3rd Street guideline value

The current guideline value for Sairam Nagar 3rd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Commercial Class I Type - II.

How the guideline value of Sairam Nagar 3rd Street has changed

The guideline value for Sairam Nagar 3rd Street has seen several revisions over the years. In 2012, the value was Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in 2017. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value up to Rs 3,000 per sq.ft. The most recent revision in 2024 has further increased the guideline value to Rs 3,300 per sq.ft, marking a 10% rise from the previous year.

It is important to note that the register has no figures for the revisions in 2002, 2003, and 2007 for Sairam Nagar 3rd Street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which means that Sairam Nagar 3rd Street's 2024 figure is above this median.

• Sairam Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Sairam Nagar / All Street: Rs 3,300 per sq.ft (2024)
• Sairam Nagar 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Sairam Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Sairam Nagar 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Sakthi Auenue: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sairam Nagar 3rd Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Sairam Nagar 3rd Street?

The Sub Registrar Office that covers Sairam Nagar 3rd Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035. To find your specific SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Medavakkam. 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 value as per government standards.

When a property is sold, the buyer must pay stamp duty and registration fees based on the higher of the guideline value or the actual sale price. This ensures that the government collects appropriate taxes on property transactions, contributing to local infrastructure and services.

Frequently asked questions

What is the current guideline value of Sairam Nagar 3rd Street?

The current guideline value of Sairam Nagar 3rd Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification for Sairam Nagar 3rd Street?

The land classification for Sairam Nagar 3rd Street is Commercial Class I Type - II.

What are the stamp duty and registration fees for a property in Sairam Nagar 3rd Street?

For a property valued at Rs 3,300 per sq.ft, the stamp duty is 7% and the registration fee is 2%. For a 1,000 sq.ft plot, this totals Rs 2,97,000.

Which Sub Registrar Office covers Sairam Nagar 3rd Street?

The Chennai South Joint I Sub Registrar Office covers Sairam Nagar 3rd Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.