Guideline Value for SRI VATSA NAGAR ANNEX II, III

Sri Vatsa Nagar Annex II, III guideline value

The current guideline value for Sri Vatsa Nagar Annex II, III is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Korattur village, under the Villivakkam SRO, and is classified as Residential Class III Type - III.

How the guideline value of Sri Vatsa Nagar Annex II, III has changed

The guideline value for Sri Vatsa Nagar Annex II, III has seen several revisions over the years. In 2012, the guideline value was Rs 1,500 per sq.ft. This figure remained consistent until 2017 when it dropped to Rs 1,005 per sq.ft, marking a decrease of 33%. However, the value rebounded significantly to Rs 1,500 per sq.ft in 2023, and then further increased to Rs 1,600 per sq.ft in 2024, reflecting a 7% rise from the previous year.

From 2017 to 2023, there was a notable increase of 49%. Overall, the guideline value has increased by 7% from 2012 to 2024. The register has no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Korattur

In Korattur, there are a total of 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, placing the current figure for Sri Vatsa Nagar Annex II, III below this median.

• Sri Vatsa Nagar: Rs 1,600 per sq.ft (2024)
• Sri Veera Raghava Nagar: Rs 2,100 per sq.ft (2024)
• Sri Venkateswara Nagar: Rs 3,300 per sq.ft (2024)
• Station Road (Avin To Bus Stand): Rs 4,900 per sq.ft (2024)
• Station Road (From Britannia To Avain): Rs 4,400 per sq.ft (2024)
• Station Road (Korattur Bus Terminus To Railway Station): Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Vatsa Nagar Annex II, III

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, bringing the total charges to Rs 1,44,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Vatsa Nagar Annex II, III?

The Sub Registrar Office that covers Sri Vatsa Nagar Annex II, III 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 plays a crucial role when buying or selling property in Korattur. It serves as the basis for calculating stamp duty and registration fees, which are mandatory during the registration process. Buyers should be aware that these fees are determined based on the guideline value or the sale price, whichever is higher.

When a property is registered, the guideline value ensures that the transaction is recorded at a fair value, reflecting the current market conditions as assessed by the Registration Department. This helps maintain transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value for Sri Vatsa Nagar Annex II, III?

The current guideline value for Sri Vatsa Nagar Annex II, III is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has fluctuated, with a decrease from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017. It then increased to Rs 1,500 per sq.ft in 2023 and is now Rs 1,600 per sq.ft in 2024.

What is the registration fee for properties in this area?

The registration fee is calculated at 2% of the guideline value. For example, a property valued at Rs 16,00,000 would incur a registration fee of Rs 32,000.

Which office handles property registrations for Sri Vatsa Nagar Annex II, III?

The Villivakkam Sub Registrar Office handles property registrations for Sri Vatsa Nagar Annex II, III, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated?

Stamp duty is charged at 7% of the guideline value or the sale price, whichever is higher. For instance, if the guideline value is Rs 16,00,000, the stamp duty would be Rs 1,12,000.