Guideline Value for SARAVANA NAGAR SLUM AREA

Saravana Nagar Slum Area guideline value

The current guideline value for the Saravana Nagar Slum Area in Seevaram village is Rs 1,700 per sq.ft, effective from 1 July 2024. This area falls under the Neelankarai SRO and is classified as Residential Class III Type - I.

How the guideline value of Saravana Nagar Slum Area has changed

The guideline value for Saravana Nagar Slum Area has undergone several revisions over the years. Starting from Rs 155 per sq.ft in 2002, it increased to Rs 250 per sq.ft in 2003, marking a 61% rise. The value then saw significant increases, reaching Rs 600 per sq.ft in 2007, which was a 140% increase from the previous figure. In 2012, the guideline value was Rs 1,500 per sq.ft, reflecting a 150% increase from 2007. However, it dropped to Rs 1,005 per sq.ft in 2017, showing a decrease of 33%.

From 2017, the value increased to Rs 1,500 per sq.ft in 2023, marking a 49% rise. The latest revision in 2024 has set the guideline value at Rs 1,700 per sq.ft, which is a 13% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 997%.

Guideline values in Seevaram

In Seevaram village, there are 84 streets under the Neelankarai SRO, with 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, placing the Saravana Nagar Slum Area's 2024 figure below this median.

• Saravana Nagar Ramachandran Street: Rs 2,200 per sq.ft (2024)
• Saravana Nagar 4th Cross Street: Rs 2,200 per sq.ft (2024)
• Saravana Nagar 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Saravana Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Saravana Nagar 1st Cross Street: Rs 2,200 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 Slum Area

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

Which Sub Registrar Office covers Saravana Nagar Slum Area?

The Saravana Nagar Slum Area is covered by 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 information.

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

The guideline value is a crucial factor during property registration in Seevaram. It determines the minimum value on which stamp duty and registration fees are calculated. Buyers and sellers must be aware that these fees are based on the guideline value or the sale price, whichever is higher.

When purchasing property, understanding the guideline value helps in estimating the total costs involved in the transaction. It is essential for both parties to be informed about the current guideline value to ensure a smooth registration process.

Frequently asked questions

What is the current guideline value for Saravana Nagar Slum Area?

The current guideline value for Saravana Nagar Slum Area is Rs 1,700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 155 in 2002 to Rs 1,700 in 2024, marking an overall increase of 997% over the years.

What are the stamp duty and registration fees for property in Saravana Nagar Slum Area?

For a 1,000 sq.ft plot, the total guideline value is Rs 17,00,000, leading to a stamp duty of Rs 1,19,000 and a registration fee of Rs 34,000, totaling Rs 1,53,000.

Which Sub Registrar Office covers Saravana Nagar Slum Area?

The Neelankarai Sub Registrar Office covers the Saravana Nagar Slum Area, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the guideline value determined for properties in Seevaram?

The guideline value is determined by the Registration Department and is based on various factors, including land classification and location. It is subject to periodic revisions to reflect changes in the market.