Guideline Value for SRI GURU NAGAR

Sri Guru Nagar guideline value

The current guideline value of Sri Guru Nagar, located in Melamaiyur village under the Chengleput Joint I SRO, is Rs 1,212 per sq.ft, effective from 1 July 2024. The land classification for this area is Mixed Type - I.

How the guideline value of Sri Guru Nagar has changed

The guideline value for Sri Guru Nagar has undergone several revisions over the years. The oldest available figure is from the 2017 revision, which was Rs 737 per sq.ft. This was followed by a significant increase to Rs 1,100 per sq.ft in the 2023 revision. The latest revision in 2024 has seen the guideline value rise to Rs 1,212 per sq.ft, marking a 10% increase from the previous year.

Between the 2017 and 2023 revisions, the guideline value increased by 49%. Overall, from 2017 to 2024, there has been a total increase of 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Melamaiyur

In Melamaiyur village, there are 37 streets under the Chengleput Joint I SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 3,000 per sq.ft. The median value among these streets is Rs 1,212 per sq.ft, which is equal to the guideline value of Sri Guru Nagar.

• Sri Ganapathi Avenue: Rs 1,100 per sq.ft (2024)
• Srinivasan Avenue: Rs 1,650 per sq.ft (2024)
• Sri Ram Nagar: Rs 825 per sq.ft (2024)
• Soundar Nagar: Rs 1,100 per sq.ft (2024)
• Sathyakanthy Avenue: Rs 1,650 per sq.ft (2024)
• Thirukazhukundram Road: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Guru Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,212 per sq.ft, the total guideline value would be Rs 12,12,000. The stamp duty at 7% would amount to Rs 84,840, while the registration fee at 2% would be Rs 24,240. Together, the total cost for stamp duty and registration fee would be Rs 1,09,080. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sri Guru Nagar?

Sri Guru Nagar is covered by the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Melamaiyur. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that transactions are recorded at a fair value as determined by the state authorities.

When a property is sold, the buyer and seller must consider the guideline value to determine the applicable fees. This helps in maintaining transparency in property transactions and ensures compliance with local regulations.

Frequently asked questions

What is the current guideline value of Sri Guru Nagar?

The current guideline value of Sri Guru Nagar is Rs 1,212 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 737 per sq.ft in 2017 to Rs 1,212 per sq.ft in 2024, marking an overall increase of 64% over this period.

What is the registration office for Sri Guru Nagar?

The registration office for Sri Guru Nagar is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.

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

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 12,12,000 would incur a stamp duty of Rs 84,840 at 7%.

What are the guideline values of other streets in Melamaiyur?

Other streets in Melamaiyur have varying guideline values, with rates ranging from Rs 440 to Rs 3,000 per sq.ft. For instance, Sri Ganapathi Avenue is valued at Rs 1,100 per sq.ft, while Srinivasan Avenue is at Rs 1,650 per sq.ft.