Guideline Value for SARAVANA NAGAR 3RD CROSS STREET

Saravana Nagar 3rd Cross Street guideline value

The current guideline value of Saravana Nagar 3rd Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Seevaram village under the Neelankarai SRO, classified as Residential Class II Type - II.

How the guideline value of Saravana Nagar 3rd Cross Street has changed

Over the years, the guideline value for Saravana Nagar 3rd Cross Street has seen several revisions. The earliest recorded figure is from 2007, when the guideline value was Rs 600 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in 2012, marking a 233% rise. However, in 2017, the value dropped to Rs 1,340 per sq.ft, a decrease of 33%. The value then increased to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,200 per sq.ft from the 2024 revision, reflecting a 10% increase from the previous year.

Notably, there are no figures available for the revisions in 2002 and 2003 for this street. From 2017 to 2023, there was a substantial increase of 49%. Overall, from 2007 to 2024, the guideline value has increased by 267%.

Guideline values in Seevaram

In Seevaram, there are 84 streets under the Neelankarai SRO, with 2024 guideline values ranging from Rs 1,100 to Rs 8,300 per sq.ft. The median value for these streets is Rs 2,800 per sq.ft, indicating that the guideline value for Saravana Nagar 3rd Cross Street is below this median.

• Saravana Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Saravana Nagar 4th Cross Street: Rs 2,200 per sq.ft (2024)
• Saravana Nagar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Saravana Nagar Ramachandran Street: Rs 2,200 per sq.ft (2024)
• Saravana Nagar Slum Area: Rs 1,700 per sq.ft (2024)
• Seevaram 1st Cross Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Saravana Nagar 3rd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Saravana Nagar 3rd Cross Street?

The Saravana Nagar 3rd Cross Street falls under the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration of property transactions in Seevaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a property is sold, the guideline value is compared to the sale price, and the higher value is used to calculate the applicable duties and fees. This ensures that the government receives the correct amount based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Saravana Nagar 3rd Cross Street?

The current guideline value of Saravana Nagar 3rd Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, rising from Rs 600 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024. This represents an overall increase of 267% over the years.

What is the median guideline value in Seevaram?

The median guideline value for streets in Seevaram is Rs 2,800 per sq.ft. Saravana Nagar 3rd Cross Street's current value is below this median.

What are the stamp duty and registration fees for a property in Saravana Nagar 3rd Cross Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles registrations for Saravana Nagar 3rd Cross Street?

The Neelankarai Sub Registrar Office handles registrations for Saravana Nagar 3rd Cross Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai.