Guideline Value for SRI VEERARAGHAVA NAGAR PHASE - I

Sri Veeraraghava Nagar Phase - I guideline value

The current guideline value of Sri Veeraraghava Nagar Phase - I is Rs 200 per sq.ft, effective from 1 July 2024. This area is located in Silavattam village and falls under the Madurandakam SRO. The land classification for this street is Residential Special Type - II.

How the guideline value of Sri Veeraraghava Nagar Phase - I has changed

Over the years, the guideline value for Sri Veeraraghava Nagar Phase - I has seen several revisions. The 2012 revision set the value at Rs 200 per sq.ft, which remained unchanged until the 2023 revision, also at Rs 200 per sq.ft. The 2017 revision marked a significant increase to Rs 134 per sq.ft, representing a 49% increase from the previous revision. However, the register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, the value decreased by 33%, but from 2017 to 2023, it increased by 49%. Overall, the guideline value from 2012 to 2024 shows no change, remaining at Rs 200 per sq.ft.

Guideline values in Silavattam

In Silavattam village, there are six streets under the Madurandakam SRO that carry a 2024 guideline value ranging from Rs 200 to Rs 400 per sq.ft, with a median value of Rs 302 per sq.ft. Sri Veeraraghava Nagar Phase - I's current guideline value is below this median.

• S.R.G.D Nagar Phase-II: Rs 200 per sq.ft (2024)
• New Lakshmi Nagar: Rs 302 per sq.ft (2024)
• J.J.Nagar: Rs 400 per sq.ft (2024)
• Aasai Nagar Phase - V: Rs 302 per sq.ft (2024)
• Sri Veeraragava Nagar: Rs 301 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Veeraraghava Nagar Phase - I

For a 1,000 sq.ft plot at the current guideline value of Rs 200 per sq.ft, the total guideline value amounts to Rs 2,00,000. The stamp duty at 7% would be Rs 14,000, and the registration fee at 2% would be Rs 4,000, bringing the total to Rs 18,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Sri Veeraraghava Nagar Phase - I?

The Sub Registrar Office that covers Sri Veeraraghava Nagar Phase - I is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Silavattam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value during the registration process to ensure compliance with local regulations.

Additionally, the guideline value affects the stamp duty and registration fees payable during property transactions. These costs are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value for Sri Veeraraghava Nagar Phase - I?

The current guideline value for Sri Veeraraghava Nagar Phase - I is Rs 200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained the same at Rs 200 per sq.ft from 2012 to 2024, with a notable increase from Rs 134 per sq.ft in 2017 to Rs 200 per sq.ft in 2023.

What is the land classification for Sri Veeraraghava Nagar Phase - I?

The land classification for Sri Veeraraghava Nagar Phase - I is Residential Special Type - II.

Where is the Madurandakam Sub Registrar Office located?

The Madurandakam Sub Registrar Office is located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.

How is stamp duty calculated for properties in Sri Veeraraghava Nagar Phase - I?

Stamp duty for properties in Sri Veeraraghava Nagar Phase - I is calculated at 7% of the guideline value or the sale price, whichever is higher, along with a registration fee of 2%.