Guideline Value for SARAVANA NAGAR

Saravana Nagar guideline value

The current guideline value of Saravana Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under the village of Sholinganallur - 1 and is classified as Residential Class II Type - III. The registration office for this area is the Neelankarai SRO.

How the guideline value of Saravana Nagar has changed

The guideline value for Saravana Nagar has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, an increase from Rs 2,000 per sq.ft in 2023, marking a 10% rise. The register has no figures for the years 2017, 2012, 2007, 2003, and 2002 for this street.

Prior to the 2023 revision, the guideline value for Saravana Nagar was not recorded in the register for the years mentioned. The 2024 figure aligns with the median value of Rs 2,200 per sq.ft for residential properties in Sholinganallur - 1.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The current value of Saravana Nagar matches the median value of Rs 2,200 per sq.ft for this area.

• Saraswathi Garden: Rs 1,700 per sq.ft (2024)
• Sarangapani Street: Rs 2,200 per sq.ft (2024)
• Santhosh Nagar: Rs 3,300 per sq.ft (2024)
• Sathiyavani Muthu 1st Cross Street: Rs 1,700 per sq.ft (2024)
• Santhosh Garden, Vijaya Nagar, Sai Illam: Rs 3,300 per sq.ft (2024)
• Sathiyavani Muthu 1st Cross Street 1st Lane: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Saravana Nagar

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the 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, totaling Rs 1,98,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more information.

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 details.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value is an essential factor in property transactions in Sholinganallur - 1, as it determines the minimum value at which a property can be registered. When buying or selling a property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the transaction is recorded accurately.

It is important for buyers and sellers to be aware of the current guideline value, as it affects the overall cost of the property transaction. This value is periodically revised, reflecting changes in the real estate market and local property conditions.

Frequently asked questions

What is the current guideline value of Saravana Nagar?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, reflecting a 10% increase. The register has no figures for the years 2017, 2012, 2007, 2003, and 2002 for this street.

What is the land classification of Saravana Nagar?

Saravana Nagar is classified as Residential Class II Type - III, indicating its suitability for residential development.

Where can I find the Neelankarai Sub Registrar Office?

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

How is the stamp duty calculated for properties in Saravana Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000, leading to a stamp duty of Rs 1,54,000.