Guideline Value for SHARMA NAGAR 2ND STREET

Sharma Nagar 2nd Street guideline value

The current guideline value of Sharma Nagar 2nd Street is Rs 3,200 per sq.ft, effective from 1 July 2024. This street is located in Perambur village under the Purasaivakkam SRO, classified as Residential Class III Type - I.

How the guideline value of Sharma Nagar 2nd Street has changed

The guideline value for Sharma Nagar 2nd Street has undergone several revisions over the years. In 2003, the value was Rs 477 per sq.ft, which increased to Rs 500 per sq.ft in 2007. The 2012 revision saw a significant rise to Rs 3,000 per sq.ft, but this was followed by a decrease to Rs 2,010 per sq.ft in 2017. The value then increased to Rs 3,000 per sq.ft in 2023, before reaching the current rate of Rs 3,200 per sq.ft in 2024.

Notably, the revisions from 2012 to 2017 saw a decrease of 33%, while the increase from 2017 to 2023 was 49%. The most recent change from 2023 to 2024 represents a 7% increase. The register has no figure for this street in 2002.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, making the 2024 figure for Sharma Nagar 2nd Street above that median.

• Sharma Nagar 1st Street: Rs 3,200 per sq.ft (2024)
• Sharma Nagar 3rd Street: Rs 3,200 per sq.ft (2024)
• Sharma Nagar 12th Street: Rs 3,200 per sq.ft (2024)
• Sharma Nagar 4th Street: Rs 3,200 per sq.ft (2024)
• Sharma Nagar 11th Street: Rs 3,200 per sq.ft (2024)
• Sharma Nagar 5th Street: Rs 3,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sharma Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,200 per sq.ft, the total guideline value amounts to Rs 32,00,000. The stamp duty at 7% would be Rs 2,24,000, while the registration fee at 2% would be Rs 64,000, bringing the total fees to Rs 2,88,000. 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 on fees applicable to your property.

Which Sub Registrar Office covers Sharma Nagar 2nd Street?

The Sub Registrar Office that covers Sharma Nagar 2nd Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Perambur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps in establishing a fair price for the transaction. It is essential for both buyers and sellers to be aware of the current guideline value to facilitate a smooth registration process.

Frequently asked questions

What is the current guideline value of Sharma Nagar 2nd Street?

The current guideline value of Sharma Nagar 2nd Street is Rs 3,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 477 per sq.ft in 2003 to Rs 3,200 per sq.ft in 2024, with various revisions in between, including a decrease from 2012 to 2017.

What is the median guideline value for streets in Perambur?

The median guideline value for streets in Perambur is Rs 2,700 per sq.ft, with Sharma Nagar 2nd Street's 2024 figure being above this median.

What are the stamp duty and registration fees for property in Sharma Nagar 2nd Street?

For a property valued at Rs 32,00,000, the stamp duty would be Rs 2,24,000 and the registration fee would be Rs 64,000, totaling Rs 2,88,000.

Where is the Sub Registrar Office for Sharma Nagar 2nd Street located?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012, covering Sharma Nagar 2nd Street.