Guideline Value for SRI CITY

Sri City guideline value

The current guideline value for Sri City, located in Korattur village under the Villivakkam SRO, is Rs 2,700 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class I Type - III.

How the guideline value of Sri City has changed

The guideline value for Sri City has undergone several revisions over the years. In 2007, the value was Rs 850 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, it saw a decrease to Rs 1,675 per sq.ft in 2017. Following this, the value rose sharply to Rs 2,500 per sq.ft in 2023, and further increased to Rs 2,700 per sq.ft in 2024, marking an 8% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 218%. The revisions for the years 2002 and 2003 do not have figures available for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value is Rs 2,500 per sq.ft, placing Sri City's 2024 figure above this median.

• Sri Devi Karumariamman Nagar (Near To T.V.S.Nagar): Rs 3,300 per sq.ft (2024)
• Sri Balaji Nagar West Pillaiyar Koil Street: Rs 2,100 per sq.ft (2024)
• SRI BALAJI NAGAR WEST (KALLIKUPPAM) 6th CROSS STREET: Rs 2,100 per sq.ft (2024)
• SRI BALAJI NAGAR WEST (KALLIKUPPAM) 5th CROSS STREET: Rs 2,100 per sq.ft (2024)
• SRI BALAJI NAGAR WEST (KALLIKUPPAM) 4th CROSS STREET: Rs 2,100 per sq.ft (2024)
• SRI BALAJI NAGAR WEST (KALLIKUPPAM) 3rd CROSS STREET: Rs 2,100 per sq.ft (2024)

Stamp duty and registration fee for property in Sri City

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total fees together to Rs 2,43,000. 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?

Sri City falls under the jurisdiction of the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the 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 is a crucial factor when registering a property in Korattur. It determines the amount of stamp duty and registration fees that need to be paid, which are calculated based on the guideline value or the sale price, whichever is higher.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, helping to maintain transparency in real estate dealings. This value is updated periodically to reflect changes in the market and local conditions.

Frequently asked questions

What is the current guideline value for Sri City?

The current guideline value for Sri City is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 850 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 218% over the years.

What are the stamp duty and registration fees for properties in Sri City?

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

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.

What is the land classification for Sri City?

Sri City is classified as Residential Class I Type - III, indicating its designation for residential development.