Guideline Value for SIVARAMAKRISHNA NAGAR

Sivaramakrishna Nagar guideline value

The current guideline value of Sivaramakrishna Nagar, located in Kolathuvancheri village, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Sivaramakrishna Nagar has changed

The guideline value for Sivaramakrishna Nagar has seen several revisions over the years. The earliest recorded value was Rs 500 per sq.ft in 2007, which increased significantly to Rs 2,000 per sq.ft in 2012. However, there was a decrease to Rs 1,340 per sq.ft in 2017. Following this, the value rose to Rs 2,000 per sq.ft in 2023 and has now reached Rs 2,200 per sq.ft in 2024.

In terms of percentage changes, from 2007 to 2012, the value increased by 300%. From 2012 to 2017, it decreased by 33%. The value then rose by 49% from 2017 to 2023 and has increased by 10% from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 340%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Kolathuvancheri

In Kolathuvancheri, there are 146 streets under the Chennai South Joint I SRO that have a guideline value for 2024, 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, making the current value of Rs 2,200 per sq.ft for Sivaramakrishna Nagar above this median.

• Sivaramakrishna Nagar 1st Main Salai: Rs 2,200 per sq.ft (2024)
• Shri Sai Nagar: Rs 1,650 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 Sivaramakrishna Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty, charged at 7%, would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. 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.

Which Sub Registrar Office covers Sivaramakrishna Nagar?

The Sivaramakrishna Nagar area is covered by 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 information.

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 that need to be paid. The guideline value is used to calculate these fees, which are mandatory for the registration process.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly affects the overall cost of property transactions. Ensuring compliance with the guideline value helps in smooth registration and legal processes.

Frequently asked questions

What is the current guideline value of Sivaramakrishna Nagar?

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

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 500 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 340% over the years.

What are the registration fees for property in Sivaramakrishna Nagar?

The registration fees include a stamp duty of 7% and a registration fee of 2% based on the guideline value or the sale price, whichever is higher.

Which office handles property registrations in Sivaramakrishna Nagar?

The Chennai South Joint I Sub Registrar Office handles property registrations in Sivaramakrishna Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the median guideline value for streets in Kolathuvancheri?

The median guideline value for streets in Kolathuvancheri is Rs 1,650 per sq.ft, with Sivaramakrishna Nagar's current value being above this median.