Guideline Value for SARAVANA NAGAR

Saravana Nagar guideline value

The current guideline value of Saravana Nagar, located in Uoonamali village under the Madurandakam SRO, is Rs 701 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Saravana Nagar has changed

The guideline value for Saravana Nagar has seen several revisions over the years. In 2012, the value was set at Rs 300 per sq.ft, which decreased to Rs 201 per sq.ft in 2017. However, from 2017 to 2023, there was a significant increase of 248%, bringing the value up to Rs 700 per sq.ft. The latest revision in 2024 has maintained the value at Rs 701 per sq.ft, showing no change from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, comparing the values from 2012 to 2024, there has been an increase of 134% in the guideline value.

Guideline values in Uoonamali

In Uoonamali, a total of 12 streets under the Madurandakam SRO have a guideline value for 2024 ranging from Rs 200 to Rs 701 per sq.ft, with a median value of Rs 200 per sq.ft. Saravana Nagar's guideline value of Rs 701 per sq.ft is above this median.

• Ram Nagar: Rs 200 per sq.ft (2024)
• Srinivasa Avenue: Rs 200 per sq.ft (2024)
• Sri Venkateshwara Nagar Phase-I: Rs 600 per sq.ft (2024)
• Sundar Avenue: Rs 200 per sq.ft (2024)
• Thenral Nagar: Rs 200 per sq.ft (2024)
• Vetrivel Nagar: Rs 200 per sq.ft (2024)

Stamp duty and registration fee for property in Saravana Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 701 per sq.ft, the total guideline value would be Rs 7,01,000. The stamp duty at 7% would amount to Rs 49,070, and the registration fee at 2% would be Rs 14,020, bringing the total fees to Rs 63,090. It is essential 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?

The Sub Registrar Office that covers Saravana Nagar is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Uoonamali. It is the benchmark used to determine the stamp duty and registration fees applicable during the registration process. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements and to understand the financial implications of their transactions.

When a property is registered, the guideline value is considered alongside the sale price. The higher of the two values will be used to calculate the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Saravana Nagar?

The current guideline value of Saravana Nagar is Rs 701 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2012 to Rs 201 per sq.ft in 2017, then increased to Rs 700 per sq.ft in 2023, and currently stands at Rs 701 per sq.ft in 2024.

What is the land classification of Saravana Nagar?

Saravana Nagar is classified as Residential Special Type - I, which indicates its intended use for residential purposes.

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

The Sub Registrar Office for Saravana Nagar is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.

How is stamp duty calculated in Saravana Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, at the current guideline value of Rs 701 per sq.ft, the stamp duty would be calculated accordingly during the registration process.