Guideline Value for SANTHOSH NAGAR

Santhosh Nagar guideline value

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

How the guideline value of Santhosh Nagar has changed

The guideline value for Santhosh Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 72 per sq.ft. This value increased dramatically to Rs 600 per sq.ft in 2007, marking a rise of 733%. The subsequent revision in 2012 saw a decrease to Rs 2,700 per sq.ft, which was a drop of 33%. However, the guideline value rebounded to Rs 1,809 per sq.ft in 2017, reflecting a 350% increase. The most recent revision in 2024 set the value at Rs 2,900 per sq.ft, which is a 60% increase from the 2017 figure.

It is important to note that there are no figures available for the years 2003 and 2023 for this street in the register.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a guideline value for 2024, ranging from Rs 1,100 to Rs 8,200 per sq.ft, with a median value of Rs 2,500 per sq.ft. The guideline value for Santhosh Nagar is above this median.

• Santhosh Nagar Murugan Koil Street: Rs 2,900 per sq.ft (2024)
• Santhosh Nagar Phase II: 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

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 to Rs 2,61,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Santhosh Nagar?

The Sub Registrar Office that covers Santhosh Nagar 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 a crucial factor when buying or selling property in Korattur, as it determines the stamp duty and registration fees applicable to the transaction. Buyers must be aware that the guideline value is used to calculate the costs associated with property registration, ensuring that the transaction is documented accurately in the official records.

When a property is sold, the guideline value serves as a benchmark for the minimum price at which the property can be registered. This ensures transparency and helps maintain a standard valuation for properties within the region.

Frequently asked questions

What is the current guideline value of Santhosh Nagar?

The current guideline value of Santhosh Nagar 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 significantly, from Rs 72 per sq.ft in 2002 to Rs 2,900 per sq.ft in 2024, reflecting an overall increase of 3928% over the years.

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

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 office handles property registrations in Santhosh Nagar?

The Villivakkam Sub Registrar Office handles property registrations for Santhosh Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees when buying or selling property, ensuring that transactions are recorded accurately in official records.