Guideline Value for SARAVANA NAGAR

Saravana Nagar guideline value

The current guideline value of Saravana Nagar, located in Enjambakkam village under the Neelankarai SRO, is Rs 1,700 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Saravana Nagar has changed

Over the years, the guideline value of Saravana Nagar has seen several revisions. The 2012 revision set the value at Rs 1,500 per sq.ft, which was a decrease of 33% from the 2017 revision of Rs 1,005 per sq.ft. The value increased to Rs 1,500 per sq.ft in 2012, but then rose significantly to Rs 1,700 per sq.ft in the 2023 revision, marking a 49% increase. The latest revision in 2024 has further increased the rate by 13% to Rs 1,700 per sq.ft.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 13%.

Guideline values in Enjambakkam

In Enjambakkam, there are 253 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 7,200 per sq.ft, with a median value of Rs 2,200 per sq.ft. Saravana Nagar's 2024 figure of Rs 1,700 per sq.ft is below this median.

• Sanmugasundaram Garden: Rs 2,200 per sq.ft (2024)
• SANKAR 2nd STREET: Rs 2,200 per sq.ft (2024)
• SANKAR 1st STREET: Rs 2,200 per sq.ft (2024)
• School Road (Padasalai Street): Rs 1,700 per sq.ft (2024)
• Sands N Waves: Rs 7,200 per sq.ft (2024)
• Sea View: Rs 3,900 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 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, while the registration fee at 2% would be Rs 34,000, making the total fees together 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. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Saravana Nagar?

The Sub Registrar Office that covers Saravana Nagar is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Enjambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction process.

When buying or selling property, the guideline value ensures that the transaction is recorded at a value that reflects the official rates set by the government. This helps in maintaining transparency and consistency in property dealings.

Frequently asked questions

What is the current guideline value of Saravana Nagar?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2023 to Rs 1,700 per sq.ft in 2024, which is a 13% increase. It was Rs 1,005 per sq.ft in 2017 and Rs 1,500 per sq.ft in 2012, showing various fluctuations over the years.

What is the land classification of Saravana Nagar?

Saravana Nagar is classified as Residential Class IV Type - I, indicating its designation for residential purposes.

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

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value. For example, for a property valued at Rs 17,00,000, the total fees would be Rs 1,53,000.

Which office handles registrations for Saravana Nagar?

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