Guideline Value for SRI CITY

Sri City guideline value

The current guideline value for Sri City, located in Velapakkam village under the Arani_Tiruvallur SRO, is Rs 120 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - III.

How the guideline value of Sri City has changed

The guideline value for Sri City has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 120 per sq.ft, which is the same as the 2023 revision. Prior to that, the 2017 revision recorded a value of Rs 80 per sq.ft. The register has no figures for the years 2012, 2007, 2003, and 2002 for this street.

Between the 2017 and 2023 revisions, the guideline value increased by 50%. Overall, from 2017 to 2024, there has been a 50% increase in the guideline value. The current value of Rs 120 per sq.ft reflects this overall change since 2017.

Guideline values in Velapakkam

In Velapakkam, there are three streets under the Arani_Tiruvallur SRO that carry a 2024 guideline value ranging from Rs 120 to Rs 250 per sq.ft. The median value for these streets is Rs 120 per sq.ft, making Sri City's 2024 figure equal to that median.

• Subash Nagar: Rs 120 per sq.ft (2024)
• J.H. Nagar Annex: Rs 250 per sq.ft (2024)

Stamp duty and registration fee for property in Sri City

For a 1,000 sq.ft plot at the current rate of Rs 120 per sq.ft, the guideline value amounts to Rs 1,20,000. The stamp duty at 7% would be Rs 8,400, and the registration fee at 2% would be Rs 2,400, bringing the total to Rs 10,800. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sri City?

The Sub Registrar Office that covers Sri City is the Arani_Tiruvallur Sub Registrar Office, located at No.10, S.p Kovil Street, Arani, Ponneri (tk), Thiruvallur (dt) - 601 101, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Velapakkam. It is used to determine the applicable stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When buying or selling property, it is essential to be aware of the current guideline value, as it directly impacts the financial obligations during the registration process. Buyers should ensure that they are prepared for these costs when considering a property transaction.

Frequently asked questions

What is the current guideline value for Sri City?

The current guideline value for Sri City is Rs 120 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 80 per sq.ft in 2017 to Rs 120 per sq.ft in both 2023 and 2024, marking a 50% increase overall since 2017.

What are the guideline values for other streets in Velapakkam?

Other streets in Velapakkam under the Arani_Tiruvallur SRO have varying guideline values: Subash Nagar is Rs 120 per sq.ft and J.H. Nagar Annex is Rs 250 per sq.ft for 2024.

What fees are associated with property transactions in Sri City?

For a property valued at Rs 1,20,000, the stamp duty would be Rs 8,400, and the registration fee would be Rs 2,400, totaling Rs 10,800. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Sri City located?

The Arani_Tiruvallur Sub Registrar Office is located at No.10, S.p Kovil Street, Arani, Ponneri (tk), Thiruvallur (dt) - 601 101, Chennai registration zone.