Guideline Value for SRI NAGAR

Sri Nagar guideline value

The current guideline value of Sri Nagar, located in Nanthiambakkam village under the Thiruvottiyur SRO, is Rs 330 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - II.

How the guideline value of Sri Nagar has changed

The guideline value for Sri Nagar has undergone several revisions over the years. In 2002, the value was Rs 26 per sq.ft, which increased to Rs 30 per sq.ft in 2003. The value saw a significant rise to Rs 50 per sq.ft in 2007, followed by a jump to Rs 300 per sq.ft in 2012. However, it decreased to Rs 201 per sq.ft in 2017. The value then increased to Rs 300 per sq.ft in 2023, and finally, it reached Rs 330 per sq.ft in the 2024 revision.

Between the revisions, there have been notable changes. From 2002 to 2024, the overall increase is +1169%. The most significant rise occurred from 2007 to 2012, with an increase of +500%. Conversely, the value decreased by -33% from 2012 to 2017. The latest revision from 2023 to 2024 saw an increase of +10%.

Guideline values in Nanthiambakkam

In Nanthiambakkam, there are 85 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 275 to Rs 770 per sq.ft. The median guideline value for these streets is Rs 330 per sq.ft, making Sri Nagar's current value equal to this median.

• Sri Muthukumaraswamy Nagar: Rs 330 per sq.ft (2024)
• Sri Padmavathi Devi Nagar: Rs 330 per sq.ft (2024)
• Sri Durgai Amman Nagar: Rs 275 per sq.ft (2024)
• Sri Rudhra Nagar: Rs 330 per sq.ft (2024)
• Sri Balasubramaniyam Nagar: Rs 385 per sq.ft (2024)
• Sri Sairam Nagar: Rs 330 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 330 per sq.ft, the total guideline value amounts to Rs 3,30,000. The stamp duty, charged at 7%, would be Rs 23,100, while the registration fee at 2% would be Rs 6,600, bringing the total fees to Rs 29,700. 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 more details.

Which Sub Registrar Office covers Sri Nagar?

The Sub Registrar Office that covers Sri Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. For more information, you can find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Nanthiambakkam. It serves as the baseline for calculating stamp duty and registration fees, ensuring that the transaction is documented at a fair value as determined by the state. This helps maintain transparency in property transactions.

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 fees. This ensures that both the buyer and seller are aware of the financial implications of the transaction.

Frequently asked questions

What is the current guideline value of Sri Nagar?

The current guideline value of Sri Nagar is Rs 330 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 26 per sq.ft in 2002 and reaching Rs 330 per sq.ft in 2024, with various increases and decreases along the way.

What is the land classification for Sri Nagar?

The land classification for Sri Nagar is Residential Special Type - II, indicating its intended use for residential purposes.

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

The Sub Registrar Office covering Sri Nagar is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

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

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 3,30,000, the stamp duty would be Rs 23,100 at a rate of 7%.