Guideline Value for SREE MAHARISH ENCLAVE PHASE I

Sree Maharish Enclave Phase I guideline value

The current guideline value of Sree Maharish Enclave Phase I is Rs 500 per sq.ft, effective from 1 July 2024. This property is located in Nayapakkam village and falls under the Manavalanagar SRO with a land classification of Residential Class II Type - I.

How the guideline value of Sree Maharish Enclave Phase I has changed

Over the years, the guideline value for Sree Maharish Enclave Phase I has seen several revisions. The 2012 revision set the value at Rs 500 per sq.ft, which remained unchanged until the 2017 revision, where it decreased to Rs 335 per sq.ft. Following this, the value increased significantly by 49% to Rs 500 per sq.ft in the 2023 revision. The 2024 revision has maintained this value at Rs 500 per sq.ft, showing no change from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street. The overall change from the 2012 revision to the 2024 revision shows no net increase, as the value returned to Rs 500 per sq.ft.

Guideline values in Nayapakkam

In Nayapakkam, there are 16 streets under the Manavalanagar SRO that carry a 2024 guideline value ranging from Rs 400 to Rs 900 per sq.ft, with a median value of Rs 500 per sq.ft. Sree Maharish Enclave Phase I's 2024 figure aligns with this median.

• Sree Maharish Enclave Phase II: Rs 500 per sq.ft (2024)
• Spanish City: Rs 600 per sq.ft (2024)
• Info Tech City Extension: Rs 500 per sq.ft (2024)
• Infotech City: Rs 500 per sq.ft (2024)
• Golden Avenue Part II: Rs 500 per sq.ft (2024)
• Golden Avenue Part I: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Sree Maharish Enclave Phase I

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value would be Rs 5,00,000. The stamp duty at 7% would amount to Rs 35,000, and the registration fee at 2% would be Rs 10,000, bringing the total fees to Rs 45,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Sree Maharish Enclave Phase I?

The Sree Maharish Enclave Phase I is covered by the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during the registration process of property transactions in Nayapakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring transparency and standardization in property dealings.

When buying or selling property, the guideline value influences the stamp duty and registration fees, which are calculated based on this value or the sale price, whichever is higher. This ensures that both buyers and sellers are aware of the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Sree Maharish Enclave Phase I?

The current guideline value of Sree Maharish Enclave Phase I is Rs 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 2012 to Rs 335 per sq.ft in 2017, then increased to Rs 500 per sq.ft in 2023, and remains at Rs 500 per sq.ft in 2024.

What is the stamp duty for property in Sree Maharish Enclave Phase I?

The stamp duty for property in Sree Maharish Enclave Phase I is calculated at 7% of the guideline value. For a 1,000 sq.ft plot, the stamp duty would be Rs 35,000.

Which Sub Registrar Office covers Sree Maharish Enclave Phase I?

The Manavalanagar Sub Registrar Office covers Sree Maharish Enclave Phase I, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum registration value of a property, affecting the stamp duty and registration fees. It ensures that transactions are conducted transparently and fairly based on standardized values.