Guideline Value for SMART CITY

Smart City guideline value

The current guideline value for Smart City in Sirukalathur village, under the Kunrathur SRO, is Rs 650 per sq.ft, effective from 1 July 2024. The land classification for this area is Mixed Type - II.

How the guideline value of Smart City has changed

The guideline value for Smart City has seen several revisions over the years. The 2017 revision set the value at Rs 400 per sq.ft, which increased significantly to Rs 598 per sq.ft in the 2023 revision. The latest revision in 2024 raised it further to Rs 650 per sq.ft, marking a 9% increase from the previous year.

From 2017 to 2023, there was a substantial increase of 50%. Overall, from 2017 to 2024, the guideline value has risen by 63%. It is important to note that there are no recorded figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Sirukalathur

In Sirukalathur, there are 32 streets under the Kunrathur SRO that carry a 2024 guideline value, ranging from Rs 450 to Rs 2,970 per sq.ft. The median guideline value for these streets is Rs 550 per sq.ft, making the current value of Smart City above that median.

• Sri Badmavathi Nagar: Rs 1,000 per sq.ft (2024)
• Shanthi Nagar Extn I & II: Rs 550 per sq.ft (2024)
• Sri Ranganathan Avenue: Rs 550 per sq.ft (2024)
• Sri Ranganathan Nagar: Rs 550 per sq.ft (2024)
• Sri Srinivasa Perumal Avenue: Rs 550 per sq.ft (2024)
• Sri Sri Srinivasa Perumal Avenue: Rs 1,000 per sq.ft (2024)

Stamp duty and registration fee for property in Smart City

For a 1,000 sq.ft plot at the current guideline value of Rs 650 per sq.ft, the total guideline value would be Rs 6,50,000. The stamp duty at 7% would amount to Rs 45,500, and the registration fee at 2% would be Rs 13,000, resulting in a total of Rs 58,500. 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 further calculations.

Which Sub Registrar Office covers Smart City?

The Smart City area is covered by the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Sirukalathur. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees applicable to the transaction.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly affects the costs associated with property registration. Understanding these values can help in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value for Smart City?

The current guideline value for Smart City in Sirukalathur village is Rs 650 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 400 per sq.ft in 2017 to Rs 650 per sq.ft in 2024, marking an overall increase of 63% over these years.

What are the guideline values of other streets in Sirukalathur?

Other streets in Sirukalathur have varying guideline values, ranging from Rs 450 to Rs 2,970 per sq.ft. The median value for these streets is Rs 550 per sq.ft.

How is stamp duty calculated for property in Smart City?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 650 per sq.ft, the stamp duty would be Rs 45,500.

Where can I find the Sub Registrar Office for Smart City?

The Sub Registrar Office covering Smart City is located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find more details through the provided link.