Guideline Value for SHRI SAI NAGAR

Shri Sai Nagar guideline value

The current guideline value of Shri Sai Nagar, located in Kolathuvancheri village, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class III Type - I.

How the guideline value of Shri Sai Nagar has changed

Over the years, the guideline value of Shri Sai Nagar has seen several revisions. The earliest recorded figure in the register is from 2007, where the value was Rs 500 per sq.ft. This increased significantly to Rs 1,500 per sq.ft in 2012, marking a 200% rise. However, the value then decreased to Rs 1,005 per sq.ft in 2017, which was a decline of 33%. In the following revision in 2023, the value rose to Rs 1,500 per sq.ft, and then further increased by 10% to the current rate of Rs 1,650 per sq.ft in 2024.

From 2017 to 2023, the increase was 49%, reflecting a notable change in the guideline value. Overall, from the 2007 figure to the current 2024 value, there has been a substantial increase of 230%.

Guideline values in Kolathuvancheri

In Kolathuvancheri, there are 146 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 660 to Rs 4,600 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, which is equal to the current figure for Shri Sai Nagar.

• Sivaramakrishna Nagar: Rs 2,200 per sq.ft (2024)
• Sivaramakrishna Nagar 1st Main Salai: Rs 2,200 per sq.ft (2024)
• Senthamzhil Nagar Extension: Rs 1,870 per sq.ft (2024)
• Senthamzhil Nagar 2nd Cross Street: Rs 1,870 per sq.ft (2024)
• Senthamzhil Nagar 1st Main Salai: Rs 1,870 per sq.ft (2024)
• Senthamzhil Nagar 1st Cross Street: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Shri Sai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shri Sai Nagar?

The Sub Registrar Office that covers Shri Sai Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

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

When buying or selling property in Kolathuvancheri, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is the minimum value set by the government for property transactions, ensuring that the transaction is conducted at a recognized value.

At the time of registration, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Shri Sai Nagar?

The current guideline value of Shri Sai Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2007?

Since 2007, the guideline value has increased by 230%, from Rs 500 per sq.ft to Rs 1,650 per sq.ft in 2024.

What was the guideline value in 2017?

The guideline value in 2017 was Rs 1,005 per sq.ft. This was a decrease from the previous value in 2012, which was Rs 1,500 per sq.ft.

How does the guideline value affect property transactions?

The guideline value affects property transactions by determining the stamp duty and registration fees. The duty is charged based on the higher of the guideline value or the sale price, ensuring a standardized approach to property valuation.

Where can I find more information about the registration office?

You can find more information about the registration office covering Shri Sai Nagar at the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.