Guideline Value for SIVASHAKTHI NAGAR

Sivashakthi Nagar guideline value

The current guideline value of Sivashakthi Nagar is Rs 1,500 per sq.ft, effective from 1 July 2024. This area is located in Thiruvottiyur village, under the Thiruvottiyur SRO, and is classified as Residential Class II Type - II.

How the guideline value of Sivashakthi Nagar has changed

Over the years, the guideline value of Sivashakthi Nagar has experienced several revisions. The earliest recorded value was Rs 500 per sq.ft in 2007, which increased significantly to Rs 1,400 per sq.ft in 2012. However, this figure saw a decrease of 33% to Rs 938 per sq.ft in 2017. The value then rose sharply by 49% to Rs 1,400 per sq.ft in 2023, and has now increased by 7% to the current rate of Rs 1,500 per sq.ft as of 2024. The register has no figure for this street in 2002 and 2003.

In summary, from the 2007 revision to the 2024 revision, the overall increase in the guideline value is 200%. The changes between revisions are as follows: a 180% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 7% increase from 2023 to 2024.

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, with a median value of Rs 3,300 per sq.ft. The guideline value for Sivashakthi Nagar is below this median.

• Somasundaram Nagar: Rs 3,700 per sq.ft (2024)
• Sivaprakasam Nagar: Rs 3,300 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)
• South Prakaram Street: Rs 3,700 per sq.ft (2024)

Stamp duty and registration fee for property in Sivashakthi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,500 per sq.ft, the total guideline value amounts to Rs 15,00,000. The stamp duty at 7% would be Rs 1,05,000, and the registration fee at 2% would be Rs 30,000, bringing the total cost for these fees to Rs 1,35,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Sivashakthi Nagar?

The Sub Registrar Office covering Sivashakthi Nagar is 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, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps both parties understand the financial implications of the transaction. It is essential to consider this value to avoid any discrepancies during the registration process and to ensure compliance with legal requirements.

Frequently asked questions

What is the current guideline value of Sivashakthi Nagar?

The current guideline value of Sivashakthi Nagar is Rs 1,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 1,500 per sq.ft in 2024, reflecting a 200% increase overall.

What are the stamp duty rates for properties in Sivashakthi Nagar?

The stamp duty rate for properties in Sivashakthi Nagar is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Thiruvottiyur Sub Registrar Office?

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

What is the median guideline value in Thiruvottiyur?

The median guideline value in Thiruvottiyur is Rs 3,300 per sq.ft, with Sivashakthi Nagar's value being below this median.