Guideline Value for SHARMA NAGAR 7TH STREET

Sharma Nagar 7th Street guideline value

The current guideline value for Sharma Nagar 7th Street is Rs 3,200 per sq.ft, effective from 1 July 2024. This street is located in Perambur village under the Purasaivakkam SRO and is classified as Residential Class III Type - I.

How the guideline value of Sharma Nagar 7th Street has changed

Over the years, the guideline value for Sharma Nagar 7th Street has seen significant changes. In 2003, the guideline value was Rs 477 per sq.ft, which increased to Rs 500 per sq.ft in 2007. The value then surged to Rs 3,000 per sq.ft in 2012, followed by a decrease to Rs 2,010 per sq.ft in 2017. The next revision in 2023 brought the value up to Rs 3,000 per sq.ft, and the latest revision in 2024 set it at Rs 3,200 per sq.ft. Notably, there is no figure available for this street in the 2002 revision.

From 2017 to 2023, the value increased by 49%, while the jump from 2023 to 2024 is 7%. The most significant change occurred between 2007 and 2012, where the value rose by 500%. Overall, from 2003 to 2024, the guideline value has increased by 571%.

Guideline values in Perambur

In Perambur, the guideline values vary across 1,114 streets under the Purasaivakkam SRO, with figures ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median value is Rs 2,700 per sq.ft, placing Sharma Nagar 7th Street's 2024 figure above this median.

• Sharma Nagar 6th Street: Rs 3,200 per sq.ft (2024)
• Sharma Nagar 8th Street: Rs 3,200 per sq.ft (2024)
• Sharma Nagar 5th Street: Rs 3,200 per sq.ft (2024)
• Sharma Nagar 9th Street: Rs 3,200 per sq.ft (2024)
• Sharma Nagar 4th Street: Rs 3,200 per sq.ft (2024)
• Sharma Nagar 3rd Street: Rs 3,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sharma Nagar 7th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,200 per sq.ft, the total guideline value would be Rs 32,00,000. The stamp duty at 7% would amount to Rs 2,24,000, and 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. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sharma Nagar 7th Street?

The Sub Registrar Office that covers Sharma Nagar 7th 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 property transactions in Perambur. It is used to determine the stamp duty and registration fees when a property is bought or sold. Buyers and sellers must ensure that the property is registered at the guideline value or the sale price, whichever is higher, to comply with legal requirements.

When registering a property, the guideline value helps in assessing the official value of the property, which can impact the overall costs involved in the transaction. Understanding the guideline value is essential for both buyers and sellers to facilitate a smooth registration process.

Frequently asked questions

What is the current guideline value of Sharma Nagar 7th Street?

The current guideline value of Sharma Nagar 7th 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, marking a total increase of 571% over the period.

What are the stamp duty and registration fees for property in Sharma Nagar 7th 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.

Which Sub Registrar Office is responsible for Sharma Nagar 7th Street?

The Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012, is responsible for Sharma Nagar 7th Street.

What is the purpose of the guideline value in property transactions?

The guideline value is used to assess the official value of a property for registration purposes, which affects the stamp duty and registration fees during a transaction.