Guideline Value for SRI AMMAN NAGAR

Sri Amman Nagar guideline value

The current guideline value of Sri Amman Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Korattur village under the Villivakkam SRO and is classified as Residential Class IV Type - I.

How the guideline value of Sri Amman Nagar has changed

The guideline value for Sri Amman Nagar has seen several revisions over the years. Starting from Rs 62 per sq.ft in 2002, it increased significantly to Rs 250 per sq.ft in 2007, marking a rise of 303%. The value then jumped to Rs 1,200 per sq.ft in 2012, reflecting a remarkable increase of 380%. However, it decreased to Rs 804 per sq.ft in 2017, which was a decline of 33%. The value rose again to Rs 1,200 per sq.ft in 2023, and subsequently reached Rs 1,300 per sq.ft in the 2024 revision, showing an increase of 8% from the previous year.

It is important to note that there is no figure available for the year 2003 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 1997%.

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, with a median value of Rs 2,500 per sq.ft. The guideline value for Sri Amman Nagar is below this median.

• S.R.B.NAGAR 9th STREET: Rs 3,300 per sq.ft (2024)
• S.R.B.NAGAR 8th STREET: Rs 3,300 per sq.ft (2024)
• S.R.B.NAGAR 7th STREET: Rs 3,300 per sq.ft (2024)
• S.R.B.NAGAR 6th STREET: Rs 3,300 per sq.ft (2024)
• S.R.B.NAGAR 5th STREET: Rs 3,300 per sq.ft (2024)
• S.R.B.NAGAR 4th STREET: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Amman Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, making the total cost Rs 1,17,000. It is essential to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Amman Nagar?

Sri Amman Nagar falls under the jurisdiction of the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration of property transactions in Korattur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, both the buyer and seller must consider the guideline value, as it influences the overall transaction costs. The registration office uses this value to assess the applicable fees, which are mandatory for completing the property transfer process.

Frequently asked questions

What is the current guideline value of Sri Amman Nagar?

The current guideline value of Sri Amman Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 62 per sq.ft in 2002 to Rs 1,300 per sq.ft in 2024, reflecting a total increase of 1997% over this period.

What is the land classification for Sri Amman Nagar?

Sri Amman Nagar is classified as Residential Class IV Type - I, indicating its suitability for residential development.

Where is the Villivakkam Sub Registrar Office located?

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

How is stamp duty calculated for properties in Sri Amman Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000.