Guideline Value for SRI NAGAR

Sri Nagar guideline value

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

How the guideline value of Sri Nagar has changed

Over the years, the guideline value of Sri Nagar has seen significant changes. In the 2007 revision, the value was Rs 1,000 per sq.ft, which increased to Rs 2,500 per sq.ft in 2012. However, it then decreased to Rs 1,675 per sq.ft in 2017. The 2023 revision saw a rise to Rs 2,500 per sq.ft, followed by the current rate of Rs 2,800 per sq.ft in 2024, marking a 12% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. The jump from 2007 to 2012 was a significant 150%, while the transition from 2012 to 2017 saw a decrease of 33%. Overall, from 2007 to 2024, the guideline value has increased by 180%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, placing Sri Nagar's 2024 figure below this median.

• Sri Nagar New Street: Rs 2,800 per sq.ft (2024)
• Sri Malar Garden Layout: Rs 1,700 per sq.ft (2024)
• Srinivasa Nagar: Rs 2,800 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

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, while the registration fee at 2% would be Rs 56,000, bringing the total to Rs 2,52,000. 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 more details.

Which Sub Registrar Office covers Sri Nagar?

The Sri Nagar area falls under 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 further assistance.

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

The guideline value plays a crucial role during property transactions in Okkiyamthuraipakkam. It is used to determine the stamp duty and registration fees applicable when buying or selling property in the area.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the registration process aligns with the official valuation set by the authorities.

Frequently asked questions

What is the current guideline value of Sri Nagar?

The current guideline value of Sri Nagar 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 increased from Rs 1,000 per sq.ft in 2007 to Rs 2,800 per sq.ft in 2024, marking an overall increase of 180% over the years.

What are the guideline values of other streets in Okkiyamthuraipakkam?

Other streets in Okkiyamthuraipakkam have varying guideline values, ranging from Rs 1,700 to Rs 3,300 per sq.ft in 2024, with Sri Nagar's value being Rs 2,800 per sq.ft.

What fees are associated with buying property in Sri Nagar?

When buying property in Sri Nagar, the stamp duty is 7% and the registration fee is 2% of the guideline value or sale price, whichever is higher.

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

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