Guideline Value for SARASWATHI NAGAR

Saraswathi Nagar guideline value

The current guideline value of Saraswathi Nagar is Rs 2,100 per sq.ft, effective from 1 July 2024. This area is located in Korattur village, under the jurisdiction of the Villivakkam SRO, and is classified as Residential Class III Type - I.

How the guideline value of Saraswathi Nagar has changed

The guideline value for Saraswathi Nagar has undergone several revisions over the years. The earliest recorded figure is from 2002, where it was Rs 92 per sq.ft. This value increased significantly to Rs 250 per sq.ft in 2007, marking a rise of 172%. The guideline value then saw a substantial increase to Rs 2,000 per sq.ft in 2012, which was a 700% jump. However, it decreased to Rs 1,340 per sq.ft in 2017, reflecting a decline of 33%. The value rose again to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,100 per sq.ft as of the 2024 revision, which is a 5% increase from the previous year. The register has no figure for this street in 2003.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with 2024 guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, indicating that the guideline value for Saraswathi Nagar is below this median.

• Saratha Nagar: Rs 1,600 per sq.ft (2024)
• Saratha Nagar Extension: Rs 1,600 per sq.ft (2024)
• Santhosh Nagar Phase II: Rs 2,900 per sq.ft (2024)
• Santhosh Nagar Murugan Koil Street: Rs 2,900 per sq.ft (2024)
• Santhosh Nagar: Rs 2,900 per sq.ft (2024)
• Sastha Nagar: Rs 2,700 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 2,100 per sq.ft, the total guideline value amounts to Rs 21,00,000. The stamp duty at 7% would be Rs 1,47,000, and the registration fee at 2% would be Rs 42,000, bringing the total cost for these fees to Rs 1,89,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Saraswathi Nagar?

The Sub Registrar Office that covers Saraswathi 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

When buying or selling property in Korattur, the guideline value plays a crucial role in determining the registration fees and stamp duty. The guideline value is the benchmark set by the government for property transactions, ensuring that the fees are calculated based on a standard value rather than the negotiated sale price.

During the registration process, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Saraswathi Nagar?

The current guideline value of Saraswathi Nagar is Rs 2,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 92 per sq.ft in 2002 to Rs 2,100 per sq.ft in 2024, with various revisions in between, including a significant increase of 700% from 2007 to 2012.

Where can I find the Sub Registrar Office for Saraswathi Nagar?

The Sub Registrar Office for Saraswathi Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What are the stamp duty and registration fees for property in Saraswathi Nagar?

For a property valued at Rs 21,00,000, the stamp duty would be Rs 1,47,000, and the registration fee would be Rs 42,000, totaling Rs 1,89,000.

What is the land classification for Saraswathi Nagar?

Saraswathi Nagar is classified as Residential Class III Type - I, which indicates its designated use for residential purposes.