Guideline Value for SPR Nagar

SPR Nagar guideline value

The current guideline value of SPR Nagar, located in Madipakkam-1 village under the Velacheri SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of SPR Nagar has changed

The guideline value for SPR Nagar has undergone several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft. This was followed by a significant increase in the 2023 revision, which raised the value to Rs 2,000 per sq.ft, marking a 49% increase. The most recent revision in 2024 has further increased the guideline value to Rs 2,200 per sq.ft, reflecting a 10% rise from the previous year.

Overall, from the 2017 revision to the 2024 revision, there has been a substantial increase of 64% in the guideline value. It is important to note that there are no figures available for the revisions in the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, placing SPR Nagar's 2024 figure below this median.

• S.P.R. Nagar, Emarald Street: Rs 2,200 per sq.ft (2024)
• Sri Arulmurugan Nagar Extension: Rs 2,200 per sq.ft (2024)
• Sooda Mani Nagar: Rs 1,650 per sq.ft (2024)
• Sooda Main Nagar (Kubera Nagar Extn): Rs 2,200 per sq.ft (2024)
• Sri Balaji Nagar: Rs 3,850 per sq.ft (2024)
• Sri Balaji Nagar/Kubera Nagar 10th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in SPR Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, these fees would total 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.

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

Which Sub Registrar Office covers SPR Nagar?

SPR Nagar falls under the jurisdiction of the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a critical factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is used to calculate the applicable duties, ensuring that the correct fees are paid based on the official valuation rather than the sale price.

Frequently asked questions

What is the current guideline value of SPR Nagar?

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

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, marking a total increase of 64% over this period.

What are the other streets in Madipakkam-1 with their guideline values?

Other streets in Madipakkam-1 include S.P.R. Nagar, Emarald Street; Sri Arulmurugan Nagar Extension; Sooda Mani Nagar; Sooda Main Nagar (Kubera Nagar Extn); Sri Balaji Nagar; and Sri Balaji Nagar/Kubera Nagar 10th Street, with values ranging from Rs 1,650 to Rs 3,850 per sq.ft in 2024.

What are the stamp duty and registration fees for property in SPR Nagar?

The stamp duty for property in SPR Nagar is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot at Rs 2,200 per sq.ft, the total fees would amount to Rs 1,98,000.

Which office handles the registration for SPR Nagar?

The Velacheri Sub Registrar Office handles the registration for SPR Nagar, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.