Guideline Value for SRI SASTHA NAGAR

Sri Sastha Nagar guideline value

The current guideline value of Sri Sastha Nagar is Rs 2,400 per sq.ft, effective from 1 July 2024. This area is located in Vengaivasal village and falls under the Selaiyur Sub Registrar Office (SRO). The land classification for this street is Residential Special Type - I.

How the guideline value of Sri Sastha Nagar has changed

Over the years, the guideline value of Sri Sastha Nagar has seen several revisions. The most recent revision in 2024 set the value at Rs 2,400 per sq.ft, an increase from Rs 2,200 per sq.ft in 2023, marking a change of +9%. In 2017, the guideline value was Rs 1,474 per sq.ft, which means there was a significant increase of +49% by 2023. The 2012 revision recorded a value of Rs 2,200 per sq.ft, showing a decrease of -33% to the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by +9%.

The register does not have figures for the years 2002, 2003, and 2007 for this street. The 2012 revision was Rs 2,200 per sq.ft, which was the same as the 2023 revision before the latest increase.

Guideline values in Vengaivasal

In Vengaivasal village, there are 117 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 850 to Rs 4,800 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, placing Sri Sastha Nagar's 2024 figure below that median.

• Sri Sasthapathi Duraisamy Nagar: Rs 2,950 per sq.ft (2024)
• Sri Sastha Avenue: Rs 2,400 per sq.ft (2024)
• Sri Visalakshi Nagar: Rs 3,300 per sq.ft (2024)
• Sri Visalakshi Street: Rs 2,200 per sq.ft (2024)
• Sri Visalatchi Nagar East: Rs 3,200 per sq.ft (2024)
• Sri Raman Nagar: Rs 3,700 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Sastha Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the total guideline value amounts to Rs 24,00,000. The stamp duty at 7% would be Rs 1,68,000, and the registration fee at 2% would be Rs 48,000, making the total cost Rs 2,16,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Sastha Nagar?

Sri Sastha Nagar is covered by the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, 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 Vengaivasal

The guideline value is a crucial factor in property transactions in Vengaivasal. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers and sellers must be aware of the current guideline value to ensure they are compliant with the registration requirements.

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 the transaction is recorded accurately within the legal framework.

Frequently asked questions

What is the current guideline value of Sri Sastha Nagar?

The current guideline value of Sri Sastha Nagar is Rs 2,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,200 per sq.ft in 2023 to Rs 2,400 per sq.ft in 2024, a +9% increase. It was Rs 1,474 per sq.ft in 2017 and Rs 2,200 per sq.ft in 2012.

What is the land classification for Sri Sastha Nagar?

Sri Sastha Nagar is classified as Residential Special Type - I, which indicates the type of development permitted in this area.

How is stamp duty calculated for properties in Sri Sastha 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 24,00,000, the stamp duty at 7% would be Rs 1,68,000.

Which office handles property registrations for Sri Sastha Nagar?

The Selaiyur Sub Registrar Office handles property registrations for Sri Sastha Nagar, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.