Guideline Value for SARASWATHI STREET

Saraswathi Street guideline value

The current guideline value of Saraswathi Street in Nemilicherry village, under the Pallavaram SRO, is Rs 2,160 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Saraswathi Street has changed

The guideline value for Saraswathi Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the value increased to Rs 2,000 per sq.ft in the 2023 revision and has now risen to Rs 2,160 per sq.ft in the 2024 revision, marking an 8% increase from the previous year.

In summary, the changes between the revisions are as follows: from 2012 to 2017, there was a decrease of 33%, followed by a significant increase of 49% from 2017 to 2023. Overall, from 2012 to 2024, the guideline value has increased by 8%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median value is Rs 2,160 per sq.ft, which is equal to the guideline value of Saraswathi Street.

• Sarathi 1 To 3 Streets: Rs 2,160 per sq.ft (2024)
• Sarathi Street: Rs 2,200 per sq.ft (2024)
• Sankar Street: Rs 2,200 per sq.ft (2024)
• Sambandam Street: Rs 2,420 per sq.ft (2024)
• Senthil Nagar: Rs 2,750 per sq.ft (2024)
• Royapettai Odai 3rd Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Saraswathi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value amounts to Rs 21,60,000. The stamp duty at 7% would be Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, bringing the total to Rs 1,94,400. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Saraswathi Street?

The Saraswathi Street falls under the jurisdiction of the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Nemilicherry. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value ensures that the transaction is recorded at a fair price, reflecting the current market conditions.

During the registration process, 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 the appropriate revenue from property transactions, maintaining transparency and accountability in the real estate market.

Frequently asked questions

What is the current guideline value of Saraswathi Street?

The current guideline value of Saraswathi Street is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has seen various changes, with the most recent being an increase from Rs 2,000 per sq.ft in 2023 to Rs 2,160 per sq.ft in 2024.

What is the land classification of Saraswathi Street?

Saraswathi Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

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

The Sub Registrar Office covering Saraswathi Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated for properties in Saraswathi Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% applies, ensuring proper documentation of the property transaction.