Guideline Value for SRI NAGAR NEW STREET

Sri Nagar New Street guideline value

The current guideline value of Sri Nagar New Street in Okkiyamthuraipakkam village is Rs 2,800 per sq.ft, effective from 1 July 2024. This street falls under the Neelankarai SRO and is classified as Residential Class II Type - II.

How the guideline value of Sri Nagar New Street has changed

In the 2012 revision, the guideline value was Rs 2,500 per sq.ft. This value decreased to Rs 1,675 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly by 49% to reach Rs 2,500 per sq.ft. The most recent revision in 2024 has set the guideline value at Rs 2,800 per sq.ft, reflecting a 12% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for Sri Nagar New Street. Overall, from 2012 to 2024, the guideline value has seen a net increase of 12%.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for Sri Nagar New Street is below this median.

• Sri Nagar: Rs 2,800 per sq.ft (2024)
• Srinivasa Nagar: Rs 2,800 per sq.ft (2024)
• Sri Malar Garden Layout: Rs 1,700 per sq.ft (2024)
• Sri Padmavathy Avenue: Rs 2,200 per sq.ft (2024)
• Sripuram: Rs 2,200 per sq.ft (2024)
• Sri Hari Avenue: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Nagar New Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, leading to a total of Rs 2,52,000. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for precise calculations based on your specific property details.

Which Sub Registrar Office covers Sri Nagar New Street?

The Sri Nagar New Street is covered by the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions, as it determines the minimum value at which properties can be registered. When buying or selling property in Okkiyamthuraipakkam, the guideline value helps in calculating the applicable stamp duty and registration fees.

It is essential for buyers and sellers to be aware of the guideline value to ensure compliance with registration norms and to avoid any legal issues during the transaction process.

Frequently asked questions

What is the current guideline value of Sri Nagar New Street?

The current guideline value of Sri Nagar New Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,800 per sq.ft in 2024.

What is the land classification for Sri Nagar New Street?

Sri Nagar New Street is classified as Residential Class II Type - II under the Neelankarai SRO.

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

The stamp duty is charged at 7% of the guideline value, and the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total costs can amount to Rs 2,52,000.

Where can I find the Sub Registrar Office for Sri Nagar New Street?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.