Guideline Value for SIYATHAMMAN NAGAR

Siyathamman Nagar guideline value

The current guideline value of Siyathamman Nagar, located in Korattur village under the Villivakkam SRO, is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - III.

How the guideline value of Siyathamman Nagar has changed

Over the years, the guideline value of Siyathamman Nagar has seen significant changes. Starting from Rs 87 per sq.ft in 2002, the value increased to Rs 250 per sq.ft in 2007, marking a substantial rise of 187%. In 2012, the guideline value was Rs 2,500 per sq.ft, which was a 900% increase from the previous revision. However, this value decreased by 33% to Rs 1,675 per sq.ft in 2017. The next revision in 2023 saw an increase to Rs 2,500 per sq.ft, and the most recent revision in 2024 has set the guideline value at Rs 2,700 per sq.ft, reflecting an 8% increase from the previous year.

It is important to note that the register has no figure for Siyathamman Nagar in 2003. Overall, from 2002 to 2024, the guideline value has increased by an impressive 3003%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, placing Siyathamman Nagar's 2024 figure above this median.

• Siyathamman Koil Street: Rs 1,600 per sq.ft (2024)
• Siyathamman Nagar Annex: Rs 2,700 per sq.ft (2024)
• Sivasakthi Nagar Tamil Street: Rs 2,900 per sq.ft (2024)
• SIVASAKTHI NAGAR (Near Water Canal Road): Rs 2,900 per sq.ft (2024)
• Sokaiketha Nagar: Rs 1,300 per sq.ft (2024)
• Sivasakthi Nagar Extension: Rs 2,900 per sq.ft (2024)

Stamp duty and registration fee for property in Siyathamman Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total cost for these fees to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Siyathamman Nagar?

The Sub Registrar Office that covers Siyathamman Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process of property transactions in Korattur. When a buyer or seller agrees on a sale price, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that the transaction is compliant with local regulations.

It is essential for buyers and sellers to be aware of the current guideline value to understand the financial implications of their property transactions. This value serves as a benchmark for assessing the costs associated with buying or selling real estate in the area.

Frequently asked questions

What is the current guideline value of Siyathamman Nagar?

The current guideline value of Siyathamman Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 87 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 3003% over the years.

What is the land classification of Siyathamman Nagar?

Siyathamman Nagar is classified as Residential Class I Type - III, indicating its designation for residential use.

Where is the Sub Registrar Office for Siyathamman Nagar located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000.