Guideline Value for SRI VATSA NAGAR

Sri Vatsa Nagar guideline value

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

How the guideline value of Sri Vatsa Nagar has changed

The guideline value for Sri Vatsa Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 77 per sq.ft, which increased to Rs 250 per sq.ft in 2007, marking a substantial rise of 225%. This was followed by a significant increase to Rs 1,500 per sq.ft in 2012, reflecting a 500% jump. However, the value then decreased to Rs 1,005 per sq.ft in 2017, a decline of 33%. The value rose again to Rs 1,500 per sq.ft in 2023, and now stands at Rs 1,600 per sq.ft from the 2024 revision, which is a 7% increase from the previous year.

It is important to note that there is no figure available for the year 2003 for this street. Overall, from 2002 to 2024, the guideline value has increased by a remarkable 1978%.

Guideline values in Korattur

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

• Sri Vatsa Nagar Annex II, III: 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

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

Which Sub Registrar Office covers Sri Vatsa Nagar?

Sri Vatsa Nagar is covered by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). For more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process of property transactions in Korattur. It serves as the basis for calculating stamp duty and registration fees, which are mandatory costs incurred during the sale or purchase of property.

When a property is bought or sold, the guideline value ensures that the registration reflects a fair value for the property being transacted. It helps in maintaining transparency and consistency in property dealings within the region.

Frequently asked questions

What is the current guideline value of Sri Vatsa Nagar?

The current guideline value of Sri Vatsa 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 significantly from Rs 77 per sq.ft in 2002 to Rs 1,600 per sq.ft in 2024, reflecting an overall increase of 1978% over this period.

What is the registration office for Sri Vatsa Nagar?

The registration office for Sri Vatsa Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What are the stamp duty and registration fees for a property in Sri Vatsa Nagar?

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 and the registration fee would be Rs 32,000, totaling Rs 1,44,000.

What other streets have guideline values in Korattur?

Other streets in Korattur include Sri Vatsa Nagar Annex II, III at Rs 1,600 per sq.ft, Sri Veera Raghava Nagar at Rs 2,100 per sq.ft, and Sri Venkateswara Nagar at Rs 3,300 per sq.ft, among others.