Guideline Value for SARASWATHI NAGAR

Saraswathi Nagar guideline value

The current guideline value of Saraswathi Nagar, located in Okkiyamthuraipakkam village under the Neelankarai SRO, is Rs 1,700 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Saraswathi Nagar has changed

Over the years, the guideline value of Saraswathi Nagar has seen several revisions. Starting from Rs 111 per sq.ft in 2003, it increased to Rs 337 per sq.ft in 2007. The value then rose significantly to Rs 1,500 per sq.ft in 2012, before dropping to Rs 1,005 per sq.ft in 2017. Following this, the value surged to Rs 1,500 per sq.ft in 2023, and currently stands at Rs 1,700 per sq.ft as of the 2024 revision. The register has no figure for this street in 2002.

The changes between revisions indicate a notable increase. From 2017 to 2023, there was a 49% increase, while the jump from 2023 to 2024 is 13%. The most significant rise occurred between 2007 and 2012, with an increase of 345%. Overall, from 2003 to 2024, the guideline value has increased by 1432%.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of Rs 1,700 per sq.ft for Saraswathi Nagar is below this median.

• Saraswathi Nagar 1 St Street: Rs 1,700 per sq.ft (2024)
• Saraswathi Nagar 2 Nd Street: Rs 1,700 per sq.ft (2024)
• Saraswathi Nagar Extension: Rs 1,700 per sq.ft (2024)
• Sarathi Nagar Main Road: Rs 1,700 per sq.ft (2024)
• Sarathy Nagar/Avenue: Rs 1,700 per sq.ft (2024)
• Saravanabava Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Saraswathi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total to Rs 1,53,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Saraswathi Nagar?

The Sub Registrar Office that covers Saraswathi Nagar is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Okkiyamthuraipakkam. It determines the minimum value at which a property can be registered, ensuring that the transaction is documented accurately and fairly. Buyers and sellers must be aware that the guideline value is used to calculate the stamp duty and registration fees applicable to the property.

When registering a property, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions, reflecting the current market conditions.

Frequently asked questions

What is the current guideline value of Saraswathi Nagar?

The current guideline value of Saraswathi Nagar is Rs 1,700 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 111 per sq.ft in 2003 to Rs 1,700 per sq.ft in 2024, showing an overall increase of 1432% over the years.

What is the stamp duty rate for properties in Saraswathi Nagar?

The stamp duty rate for properties in Saraswathi Nagar is 7% of the guideline value or sale price, whichever is higher.

Which Sub Registrar Office handles registrations in Saraswathi Nagar?

The Neelankarai Sub Registrar Office handles registrations for properties in Saraswathi Nagar, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai.

What is the median guideline value in Okkiyamthuraipakkam?

The median guideline value in Okkiyamthuraipakkam is Rs 3,300 per sq.ft, with Saraswathi Nagar's value being below this median at Rs 1,700 per sq.ft.