Guideline Value for SRI SABARI NAGAR

Sri Sabari Nagar guideline value

The current guideline value of Sri Sabari Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Korattur village, under the Villivakkam SRO. The land classification for this street is Residential Class III Type - III.

How the guideline value of Sri Sabari Nagar has changed

The guideline value for Sri Sabari Nagar has seen several revisions over the years. In 2002, the guideline value was Rs 56 per sq.ft, which increased significantly to Rs 250 per sq.ft in 2007. This was followed by a remarkable rise to Rs 1,500 per sq.ft in 2012, but then it decreased to Rs 1,005 per sq.ft in 2017. The value then increased to Rs 1,500 per sq.ft in 2023 and currently stands at Rs 1,600 per sq.ft as per the 2024 revision.

Between the revisions, the changes were quite notable. From 2002 to 2007, there was an increase of 346%, followed by a massive 500% increase from 2007 to 2012. However, the value dropped by 33% from 2012 to 2017. The guideline value then rose by 49% from 2017 to 2023 and increased by 7% from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 2757%. The register has no figure for this street in 2003.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, making the current guideline value of Sri Sabari Nagar below this median.

• Sri Ranga Garden: Rs 3,300 per sq.ft (2024)
• Sri Ramalu Nagar: Rs 1,600 per sq.ft (2024)
• Sri Ragavendra Nagar Extension: Rs 2,100 per sq.ft (2024)
• Sri Ragavendra Nagar: Rs 2,100 per sq.ft (2024)
• SRINIVASAPURAM 3rd MAIN ROAD: Rs 3,300 per sq.ft (2024)
• Srinivasapuram 3rd Cross Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Sabari Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, totaling Rs 1,44,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sri Sabari Nagar?

The Sub Registrar Office that covers Sri Sabari Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Korattur. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives appropriate revenue from property transactions.

When a property is sold, the buyer and seller must consider the guideline value to avoid any discrepancies in the registration process. It is essential to ensure that the sale price is in line with the guideline value to facilitate a smooth transaction.

Frequently asked questions

What is the current guideline value of Sri Sabari Nagar?

The current guideline value of Sri Sabari Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 56 per sq.ft in 2002 to Rs 1,600 per sq.ft in 2024, with various increases and decreases over the years.

What is the land classification for Sri Sabari Nagar?

Sri Sabari Nagar is classified as Residential Class III Type - III, indicating its suitability for residential development.

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

The Sub Registrar Office for Sri Sabari Nagar is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

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

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft property at the current guideline value, the total stamp duty would be Rs 1,12,000.