Guideline Value for SIVAPRAKASAM NAGAR

Sivaprakasam Nagar guideline value

The current guideline value of Sivaprakasam Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Thiruvottiyur village, under the jurisdiction of the Thiruvottiyur SRO, and is classified as Residential Special Type - I.

How the guideline value of Sivaprakasam Nagar has changed

The guideline value for Sivaprakasam Nagar has undergone several revisions over the years. In 2002, the guideline value was Rs 146 per sq.ft. This increased to Rs 423 per sq.ft in 2003, marking a significant rise of 190%. The value continued to climb, reaching Rs 600 per sq.ft in 2007, which represented a 42% increase. By 2012, the value had jumped to Rs 3,000 per sq.ft, reflecting a substantial 400% increase from the previous revision. However, in 2017, the value decreased to Rs 2,010 per sq.ft, showing a decline of 33%. The guideline value then rose to Rs 3,000 per sq.ft in 2023, before reaching the current rate of Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 2160%. The register has no figure for this street for the years not mentioned in the provided data.

Guideline values in Thiruvottiyur

In Thiruvottiyur, there are 177 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 8,600 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, which is equal to the current value of Sivaprakasam Nagar.

• Sivagangapuram: Rs 2,150 per sq.ft (2024)
• Sivashakthi Nagar: Rs 1,500 per sq.ft (2024)
• Somasundaram Nagar: Rs 3,700 per sq.ft (2024)
• Somu Chetty Street: Rs 3,300 per sq.ft (2024)
• Sornam Nagar: Rs 3,300 per sq.ft (2024)
• South Mada Steet: Rs 3,700 per sq.ft (2024)

Stamp duty and registration fee for property in Sivaprakasam Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sivaprakasam Nagar?

The Sivaprakasam Nagar area is covered by the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Thiruvottiyur. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with local regulations.

During the registration process, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions, reflecting the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Sivaprakasam Nagar?

The current guideline value of Sivaprakasam Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, increasing from Rs 146 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, which is an overall increase of 2160%.

What is the median guideline value in Thiruvottiyur?

The median guideline value in Thiruvottiyur is Rs 3,300 per sq.ft, which is the same as the current value for Sivaprakasam Nagar.

What are the stamp duty and registration fees for properties in Sivaprakasam Nagar?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office is responsible for property registration in Sivaprakasam Nagar?

The Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019, is responsible for property registration in Sivaprakasam Nagar.