Guideline Value for SRI SAKTHI NAGAR

Sri Sakthi Nagar guideline value

The current guideline value of Sri Sakthi Nagar is Rs 6,000 per sq.ft, effective from 1 July 2024. This area is located in Arumbakkam village, under the Kodambakkam SRO, with a land classification of Residential Special Type - II.

How the guideline value of Sri Sakthi Nagar has changed

The guideline value for Sri Sakthi Nagar has undergone several revisions over the years. In 2002, the guideline value was Rs 585 per sq.ft, which increased to Rs 645 per sq.ft in 2003. The value saw a significant rise to Rs 1,250 per sq.ft in 2007, followed by a drop to Rs 5,500 per sq.ft in 2012. The next revision in 2017 brought it down to Rs 3,685 per sq.ft, before increasing to Rs 5,500 per sq.ft in 2023. The latest revision in 2024 set the guideline value at Rs 6,000 per sq.ft.

Notably, the changes between revisions reflect fluctuations in the guideline value. From 2023 to 2024, there was an increase of 9%. The value rose by 49% from 2017 to 2023, while it decreased by 33% from 2012 to 2017. The 2007 to 2012 period saw a substantial increase of 340%, and from 2003 to 2007, the value increased by 94%. Overall, from 2002 to 2024, the guideline value has increased by 926%.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median value is Rs 6,000 per sq.ft, making the current guideline value of Sri Sakthi Nagar equal to this median.

• Sri Sakthi Nagar East Street: Rs 6,000 per sq.ft (2024)
• Sri Sakthi Nagar South Street: Rs 6,000 per sq.ft (2024)
• Sri Venkatesa Perumal Nagar: Rs 6,600 per sq.ft (2024)
• Sri Ramakrishna Street: Rs 5,300 per sq.ft (2024)
• State Bank Colony: Rs 6,600 per sq.ft (2024)
• S.P. Koil Street: Rs 4,700 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Sakthi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, making the total of these fees Rs 5,40,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Sri Sakthi Nagar?

The Sub Registrar Office that covers Sri Sakthi Nagar is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Arumbakkam. It serves as the basis for calculating the stamp duty and registration fees that must be paid during the transaction. Buyers should be aware that the guideline value can significantly impact the overall cost of property transactions.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to determine the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of real estate in the area.

Frequently asked questions

What is the current guideline value of Sri Sakthi Nagar?

The current guideline value of Sri Sakthi Nagar is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 585 per sq.ft in 2002 to Rs 6,000 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification of Sri Sakthi Nagar?

Sri Sakthi Nagar is classified as Residential Special Type - II under the Kodambakkam SRO.

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

The Kodambakkam Sub Registrar Office is located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

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

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For instance, a 1,000 sq.ft plot valued at Rs 6,000 per sq.ft would incur a total guideline value of Rs 60,00,000, leading to specific stamp duty and registration fees.