Guideline Value for SRI NAGAR

Sri Nagar guideline value

The current guideline value for Sri Nagar, located in Mitnamalle village under the Avadi SRO, is Rs 802 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Sri Nagar has changed

Over the years, the guideline value for Sri Nagar has seen several revisions. The 2007 revision set the value at Rs 102 per sq.ft, which increased significantly to Rs 600 per sq.ft in 2012. However, there was a decrease to Rs 402 per sq.ft in 2017. The following revision in 2023 brought the figure up to Rs 600 per sq.ft, and the most recent revision in 2024 has set it at Rs 802 per sq.ft. The register has no figure for this street for the years 2002 and 2003.

From 2017 to 2023, the guideline value increased by 49%. The jump from 2023 to 2024 is notable at 34%. Overall, from the 2007 revision to the current value in 2024, there has been a substantial increase of 686%.

Guideline values in Mitnamalle

In Mitnamalle, there are 53 streets under the Avadi SRO that carry a 2024 guideline value, ranging from Rs 800 to Rs 2,550 per sq.ft. The median value is Rs 802 per sq.ft, which is equal to the guideline value for Sri Nagar.

• Sri Nagar Extn: Rs 804 per sq.ft (2024)
• Sri Krishna Nagar: Rs 802 per sq.ft (2024)
• Sri Ragavaa Nagar: Rs 802 per sq.ft (2024)
• Sri Ram Avenue: Rs 802 per sq.ft (2024)
• Sri Sapthagiri Nagar: Rs 808 per sq.ft (2024)
• Sri Arunachala Nagar: Rs 802 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 802 per sq.ft, the total guideline value amounts to Rs 8,02,000. The stamp duty at 7% would be Rs 56,140, and the registration fee at 2% would be Rs 16,040, bringing the total cost for these fees to Rs 72,180. It is important 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 further calculations.

Which Sub Registrar Office covers Sri Nagar?

Sri Nagar falls under the Avadi Sub Registrar Office, located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Mitnamalle. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

What is the current guideline value for Sri Nagar?

The current guideline value for Sri Nagar is Rs 802 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 102 per sq.ft in 2007 to Rs 802 per sq.ft in 2024, reflecting an overall increase of 686%.

What is the land classification for Sri Nagar?

Sri Nagar is classified under Residential Class II Type - I land classification.

Where is the Avadi Sub Registrar Office located?

The Avadi Sub Registrar Office is located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, a property with a guideline value of Rs 8,02,000 would incur specific fees based on that amount.