Guideline Value for SRI RAM NAGAR PHASE-2

Sri Ram Nagar Phase-2 guideline value

The current guideline value of Sri Ram Nagar Phase-2 is Rs 880 per sq.ft. This area is located in Palavayal village and falls under the Redhills SRO. The land classification for this street is Residential Special Type - III.

How the guideline value of Sri Ram Nagar Phase-2 has changed

The guideline value for Sri Ram Nagar Phase-2 has undergone several revisions over the years. The register does not provide figures for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 800 per sq.ft, which increased to Rs 880 per sq.ft in the 2024 revision, marking a change of +10%.

In summary, the most recent figures show a clear increase from Rs 800 per sq.ft in 2023 to Rs 880 per sq.ft in 2024. This indicates a significant adjustment in the guideline value for this street over the last year.

Guideline values in Palavayal

In Palavayal, there are 22 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 275 to Rs 1,200 per sq.ft. The median value among these streets is Rs 440 per sq.ft, and Sri Ram Nagar Phase-2's 2024 figure of Rs 880 per sq.ft is above this median.

• Sri Raghavan Nagar: Rs 440 per sq.ft (2024)
• Sri Ganesh Balaji Avenue: Rs 440 per sq.ft (2024)
• Sri Balaji Nagar: Rs 440 per sq.ft (2024)
• Sothupakkam Road: Rs 440 per sq.ft (2024)
• Vaanamamalai Nagar: Rs 275 per sq.ft (2024)
• Raghavan Nagar: Rs 440 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Ram Nagar Phase-2

For a 1,000 sq.ft plot at the current guideline value of Rs 880 per sq.ft, the total guideline value amounts to Rs 8,80,000. The stamp duty at 7% would be Rs 61,600, and the registration fee at 2% would be Rs 17,600, bringing the total fees together to Rs 79,200. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Sri Ram Nagar Phase-2?

The Sub Registrar Office that covers Sri Ram Nagar Phase-2 is the Redhills Sub Registrar Office. The address is Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Palavayal. It serves as a benchmark for determining the applicable stamp duty and registration fees, which are calculated based on the higher of the guideline value or the sale price.

When a property is registered, the guideline value ensures that the transaction reflects a fair value for taxation purposes. Buyers and sellers should be aware of the current guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Sri Ram Nagar Phase-2?

The current guideline value of Sri Ram Nagar Phase-2 is Rs 880 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2023 to Rs 880 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Sri Ram Nagar Phase-2?

The land classification for Sri Ram Nagar Phase-2 is Residential Special Type - III.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 8,80,000. The stamp duty at 7% would be Rs 61,600, and the registration fee at 2% would be Rs 17,600, totaling Rs 79,200.

Which Sub Registrar Office should I approach for registration?

The Redhills Sub Registrar Office covers Sri Ram Nagar Phase-2. The address is Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.