Guideline Value for SRINATH NAGAR

Srinath Nagar guideline value

The current guideline value of Srinath Nagar, located in Seevaram village under the Neelankarai SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Srinath Nagar has changed

Since the 2003 revision, the guideline value has seen significant changes. In 2003, the value was Rs 200 per sq.ft, which increased dramatically to Rs 2,500 per sq.ft in 2012, marking a rise of 1150%. However, the value then decreased to Rs 1,675 per sq.ft in 2017, a drop of 33%. The value rose again to Rs 2,500 per sq.ft in 2023, and most recently, it increased by 12% to reach Rs 2,800 per sq.ft in 2024.

There are no figures available for the years 2002 and 2007 in the register for this street. Overall, from 2003 to 2024, the guideline value has increased by 1300%.

Guideline values in Seevaram

In Seevaram, there are 84 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,300 per sq.ft. The median value for these streets is Rs 2,800 per sq.ft, making the guideline value for Srinath Nagar equal to the median.

• Sri Kumaran Nagar Main Road: Rs 2,800 per sq.ft (2024)
• Sri Kumaran Nagar: Rs 2,800 per sq.ft (2024)
• Sri Kumaran 5th Cross Street: Rs 2,800 per sq.ft (2024)
• Sri Kumaran 4th Cross Street: Rs 2,800 per sq.ft (2024)
• Sri Kumaran 3rd Cross Street: Rs 2,800 per sq.ft (2024)
• Sri Kumaran 2nd Cross Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Srinath Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total to Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Srinath Nagar?

The Sub Registrar Office that covers Srinath Nagar is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions in Seevaram, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duty are calculated based on the guideline value.

When registering a property, the buyer is required to pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Srinath Nagar?

The current guideline value of Srinath Nagar is Rs 2,800 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 200 per sq.ft in 2003 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 1300% over this period.

What are the stamp duty and registration fees for property in Srinath Nagar?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 2,52,000.

Which Sub Registrar Office covers Srinath Nagar?

The Neelankarai Sub Registrar Office covers Srinath Nagar, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the land classification for Srinath Nagar?

The land classification for Srinath Nagar is Residential Class II Type - I, indicating its suitability for residential development.