Guideline Value for SARAVANABAVA NAGAR

Saravanabava Nagar guideline value

The current guideline value of Saravanabava Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Okkiyamthuraipakkam village, under the Neelankarai SRO, and is classified as Residential Class II Type - III.

How the guideline value of Saravanabava Nagar has changed

The guideline value for Saravanabava Nagar has seen several revisions over the years. Starting from Rs 111 per sq.ft in 2003, it increased significantly to Rs 800 per sq.ft in 2007. The value then rose to Rs 2,000 per sq.ft in 2012, before dropping to Rs 1,340 per sq.ft in 2017. The 2023 revision set the value at Rs 2,000 per sq.ft, which was then increased to Rs 2,200 per sq.ft in 2024, marking a 10% rise from the previous year.

From 2017 to 2023, the guideline value increased by 49%. The value saw a notable decrease of 33% from 2012 to 2017, while it surged by 150% from 2007 to 2012. The most dramatic increase occurred between 2003 and 2007, with a rise of 621%. Overall, from 2003 to 2024, the guideline value has increased by 1882%. The register has no figure for this street in 2002.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values for 2024 ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Saravanabava Nagar's 2024 figure below this median.

• Sarathy Nagar/Avenue: Rs 1,700 per sq.ft (2024)
• Sarathi Nagar Main Road: Rs 1,700 per sq.ft (2024)
• Saraswathi Nagar Extension: Rs 1,700 per sq.ft (2024)
• Saraswathi Nagar 2 Nd Street: Rs 1,700 per sq.ft (2024)
• Saraswathi Nagar 1 St Street: Rs 1,700 per sq.ft (2024)
• Saraswathi Nagar: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Saravanabava Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty, calculated at 7%, would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, these fees would total Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Saravanabava Nagar?

The Sub Registrar Office that covers Saravanabava Nagar is 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 Okkiyamthuraipakkam

When buying or selling property in Okkiyamthuraipakkam, the guideline value is a critical factor during the registration process. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded accurately with the local authorities.

Buyers and sellers must be aware that the guideline value can vary significantly between different streets in the same village. This value is updated periodically, reflecting changes in the real estate market and local regulations, and it is essential to check the most current figures before proceeding with any transactions.

Frequently asked questions

What is the current guideline value of Saravanabava Nagar?

The current guideline value of Saravanabava 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 increased from Rs 111 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, showing significant growth over the years with various fluctuations.

What is the land classification of Saravanabava Nagar?

Saravanabava Nagar is classified as Residential Class II Type - III, indicating its designated use for residential purposes.

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 registration zone.

How is stamp duty calculated for properties in Saravanabava Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at a rate of 7%.