Guideline Value for SANTHOSH NAGAR PHASE II

Santhosh Nagar Phase II guideline value

The current guideline value of Santhosh Nagar Phase II is Rs 2,900 per sq.ft, effective from 1 July 2024. This area is located in Korattur village and falls under the Villivakkam SRO. The land classification for this street is Residential Class II Type - II.

How the guideline value of Santhosh Nagar Phase II has changed

The guideline value for Santhosh Nagar Phase II has undergone several revisions over the years. The earliest recorded revision is from 2012, where the value was Rs 2,700 per sq.ft. This was followed by a decrease in 2017 to Rs 1,809 per sq.ft, marking a decline of 33%. The value then increased significantly to Rs 2,700 per sq.ft in 2023, and further rose to the current rate of Rs 2,900 per sq.ft in 2024, reflecting a 7% increase from the previous year.

Overall, from 2012 to 2024, the guideline value has increased by 7%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street in the register.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, placing Santhosh Nagar Phase II's 2024 figure above that median.

• Santhosh Nagar Murugan Koil Street: Rs 2,900 per sq.ft (2024)
• Santhosh Nagar: Rs 2,900 per sq.ft (2024)
• Saraswathi Nagar: Rs 2,100 per sq.ft (2024)
• Saratha Nagar: Rs 1,600 per sq.ft (2024)
• Saratha Nagar Extension: Rs 1,600 per sq.ft (2024)
• Sampath Salai: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Santhosh Nagar Phase II

For a 1,000 sq.ft plot at the current guideline value of Rs 2,900 per sq.ft, the total guideline value would be Rs 29,00,000. The stamp duty at 7% would amount to Rs 2,03,000, and the registration fee at 2% would be Rs 58,000, bringing the total fees to Rs 2,61,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Santhosh Nagar Phase II?

The Sub Registrar Office that covers Santhosh Nagar Phase II is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions in Korattur. It serves as a benchmark for determining the minimum price at which properties can be registered. When buying or selling property, the guideline value ensures that the transaction is recorded accurately for taxation and legal purposes.

During the registration process, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Santhosh Nagar Phase II?

The current guideline value of Santhosh Nagar Phase II is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,700 per sq.ft in 2012 to Rs 1,809 per sq.ft in 2017, then increased to Rs 2,700 per sq.ft in 2023, and is currently Rs 2,900 per sq.ft in 2024.

What is the land classification for Santhosh Nagar Phase II?

Santhosh Nagar Phase II is classified as Residential Class II Type - II.

What are the stamp duty and registration fees for properties in Santhosh Nagar Phase II?

For a property valued at Rs 29,00,000, the stamp duty would be Rs 2,03,000 and the registration fee would be Rs 58,000, totaling Rs 2,61,000.

Which Sub Registrar Office covers this area?

The Villivakkam Sub Registrar Office covers Santhosh Nagar Phase II, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.