Guideline Value for SRI BABA NAGAR 1ST STREET/ALL STREET

Sri Baba Nagar 1st Street/All Street guideline value

The current guideline value for Sri Baba Nagar 1st Street/All Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Sri Baba Nagar 1st Street/All Street has changed

The guideline value for Sri Baba Nagar 1st Street/All Street has seen several revisions over the years. In 2012, the guideline value was recorded at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in 2017. The value increased significantly to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,200 per sq.ft as of the 2024 revision, marking a 10% increase from the previous year.

From 2012 to 2017, there was a decrease of 33%, followed by a substantial increase of 49% from 2017 to 2023. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, which is equal to the current figure for Sri Baba Nagar 1st Street/All Street.

• Sri Baba Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Sri Baba Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Sri Baba Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Sri Bhavani Amman Avenue: Rs 1,870 per sq.ft (2024)
• Sri Devi Karumariamman Nagar: Rs 1,870 per sq.ft (2024)
• Somu Nagar Sathya Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Baba Nagar 1st Street/All Street

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, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Sri Baba Nagar 1st Street/All Street?

The Sub Registrar Office that covers Sri Baba Nagar 1st Street/All Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Medavakkam. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that these charges are based on a standardized value set by the government.

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

Frequently asked questions

What is the current guideline value for Sri Baba Nagar 1st Street/All Street?

The current guideline value for Sri Baba Nagar 1st Street/All Street 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 changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,200 per sq.ft as of 2024.

What is the land classification for Sri Baba Nagar 1st Street/All Street?

The land classification for Sri Baba Nagar 1st Street/All Street is Residential Class I Type - I.

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

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where is the Sub Registrar Office for this street located?

The Sub Registrar Office for Sri Baba Nagar 1st Street/All Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.