Guideline Value for SRI RAM NAGAR

Sri Ram Nagar guideline value

The current guideline value of Sri Ram Nagar, located in Karunilam village under the Chengleput Joint II SRO, is Rs 500 per sq.ft. This value is effective from 1 July 2024. The land classification for this area is Residential Class I Type - I.

How the guideline value of Sri Ram Nagar has changed

The guideline value for Sri Ram Nagar has undergone several revisions over the years. In 2007, the value was Rs 50 per sq.ft, which increased significantly to Rs 500 per sq.ft in 2012. However, in 2017, it dropped to Rs 335 per sq.ft, before rising again to Rs 500 per sq.ft in both 2023 and the current 2024 revision. The register has no figures for the years 2002 and 2003 for this street.

From 2017 to 2023, there was a notable increase of 49%, while the value saw a remarkable rise of 900% from 2007 to 2012. Overall, from 2007 to the current 2024 revision, the guideline value has increased by 900%.

Guideline values in Karunilam

In Karunilam, there are 35 streets under the Chengleput Joint II SRO that carry a guideline value for 2024, ranging from Rs 400 to Rs 1,200 per sq.ft. The median value for these streets is Rs 501 per sq.ft, making the guideline value of Sri Ram Nagar below this median.

• Sri Ram Nagar Extn -I: Rs 500 per sq.ft (2024)
• Sri Ram Nagar Extn -II: Rs 500 per sq.ft (2024)
• Sri Sathiya Sai Nagar Phase- 4: Rs 600 per sq.ft (2024)
• Sri Kalaivani Avenue Extn: Rs 500 per sq.ft (2024)
• Sri Kalaivani Avenue: Rs 500 per sq.ft (2024)
• S.M.S. Nagar: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Ram Nagar

For a 1,000 sq.ft plot at the current rate of Rs 500 per sq.ft, the guideline value would be Rs 5,00,000. The stamp duty at 7% would amount to Rs 35,000, and the registration fee at 2% would be Rs 10,000, totaling Rs 45,000. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Ram Nagar?

The Sub Registrar Office that covers Sri Ram Nagar is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Karunilam. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. This value helps ensure transparency in property transactions and assists in the valuation process.

When selling property, the guideline value can also serve as a reference point for both buyers and sellers. It is essential to be aware of the current guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Sri Ram Nagar?

The current guideline value of Sri Ram Nagar is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 50 per sq.ft in 2007 to Rs 500 per sq.ft in 2012, then decreased to Rs 335 per sq.ft in 2017, and has remained at Rs 500 per sq.ft in 2023 and 2024.

What are the stamp duty rates for property in Sri Ram Nagar?

The stamp duty for property in Sri Ram Nagar is 7% of the guideline value or sale price, whichever is higher.

Which office handles property registrations in Sri Ram Nagar?

The Chengleput Joint II Sub Registrar Office handles property registrations for Sri Ram Nagar, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.

What is the land classification for Sri Ram Nagar?

Sri Ram Nagar is classified as Residential Class I Type - I, which indicates its suitability for residential development.