Guideline Value for SARATHA NAGAR EXTENSION

Saratha Nagar Extension guideline value

The current guideline value of Saratha Nagar Extension is Rs 1,600 per sq.ft. This area is located in Korattur village, under the Villivakkam Sub Registrar Office, classified as Residential Class III Type - III.

How the guideline value of Saratha Nagar Extension has changed

The guideline value for Saratha Nagar Extension has undergone several revisions over the years. The earliest recorded figure is from 2007, where the guideline value was Rs 250 per sq.ft. This value saw a significant increase to Rs 1,500 per sq.ft in 2012, which remained unchanged until the 2023 revision. In 2023, the guideline value was set at Rs 1,500 per sq.ft, and then increased by 7% to Rs 1,600 per sq.ft in the 2024 revision.

From 2007 to 2024, there has been an overall increase of 540%. The register does not contain figures for the years 2002, 2003, and 2017 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft, with a median of Rs 2,500 per sq.ft. Saratha Nagar Extension's guideline value of Rs 1,600 per sq.ft is below this median.

• Saratha Nagar: Rs 1,600 per sq.ft (2024)
• Saraswathi Nagar: Rs 2,100 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)
• Sastha Nagar: Rs 2,700 per sq.ft (2024)
• SASTHA NAGAR 1st STREET: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Saratha Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, totaling Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Saratha Nagar Extension?

The Saratha Nagar Extension falls under the jurisdiction of the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near 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 in property transactions in Korattur. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with registration requirements.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring that both parties are aware of the financial implications involved in the transaction.

Frequently asked questions

What is the current guideline value of Saratha Nagar Extension?

The current guideline value of Saratha Nagar Extension is Rs 1,600 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 250 per sq.ft to Rs 1,600 per sq.ft in 2024, marking a total increase of 540% over this period.

What is the land classification of Saratha Nagar Extension?

Saratha Nagar Extension is classified as Residential Class III Type - III, which indicates its intended use for residential purposes.

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

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000, and the registration fee would be Rs 32,000, totaling Rs 1,44,000.

Which office handles registrations for Saratha Nagar Extension?

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