Guideline Value for SREE RAM NAGAR

Sree Ram Nagar guideline value

The current guideline value of Sree Ram Nagar in Kumanoor village, under the Redhills SRO, is Rs 385 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of Sree Ram Nagar has changed

The guideline value for Sree Ram Nagar has seen several revisions over the years. The register has no figure for the years 2002, 2003, 2007, 2012, and 2017. The most recent figures show a revision in 2023 at Rs 350 per sq.ft, which increased to Rs 385 per sq.ft in the 2024 revision, marking a change of +10%.

Prior to the 2023 revision, there were no recorded figures for the years mentioned. The 2024 revision reflects a significant update in the guideline value, indicating a change in the valuation of properties in this area.

Guideline values in Kumanoor

Kumanoor village features a range of guideline values across its streets. The current guideline value of Sree Ram Nagar at Rs 385 per sq.ft is above the median value of Rs 275 per sq.ft for the nine streets in the village that carry a 2024 figure, which range from Rs 220 to Rs 1,200 per sq.ft.

• Sun Avenue: Rs 220 per sq.ft (2024)
• Sakthi Garden West: Rs 275 per sq.ft (2024)
• Sakthi Garden North: Rs 275 per sq.ft (2024)
• Sakthi Garden Annex: Rs 275 per sq.ft (2024)
• Sakthi Garden: Rs 275 per sq.ft (2024)
• Don Garden: Rs 385 per sq.ft (2024)

Stamp duty and registration fee for property in Sree Ram Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 385 per sq.ft, the total guideline value amounts to Rs 3,85,000. The stamp duty at 7% would be Rs 26,950, and the registration fee at 2% would be Rs 7,700, bringing the total cost for these fees to Rs 34,650. Please note that duty is charged on the higher of the guideline value or the sale price.

For more details on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sree Ram Nagar?

The Sree Ram Nagar area falls under the jurisdiction of the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for further assistance.

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

The guideline value is an essential factor in property transactions in Kumanoor, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider the guideline value to ensure compliance with local regulations during the registration process.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Sree Ram Nagar?

The current guideline value of Sree Ram Nagar is Rs 385 per sq.ft, effective from 1 July 2024.

How has the guideline value changed recently?

The guideline value increased from Rs 350 per sq.ft in 2023 to Rs 385 per sq.ft in 2024, which is a 10% increase.

What is the land classification for Sree Ram Nagar?

Sree Ram Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total fees would be Rs 34,650.

Which office handles property registrations in Sree Ram Nagar?

The Redhills Sub Registrar Office handles property registrations for Sree Ram Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.