Guideline Value for SRINIVASA NAGAR 1ST STREET

Srinivasa Nagar 1st Street guideline value

The current guideline value of Srinivasa Nagar 1st Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village and falls under the Neelankarai SRO, classified as Residential Class IV Type - II.

How the guideline value of Srinivasa Nagar 1st Street has changed

Over the years, the guideline value of Srinivasa Nagar 1st Street has seen significant changes. The earliest recorded figure is from 2002, when the guideline value was Rs 177 per sq.ft. In 2003, it increased to Rs 198 per sq.ft, reflecting a 12% rise. By 2007, the value jumped to Rs 400 per sq.ft, a substantial increase of 102%. The 2012 revision saw the value rise to Rs 1,500 per sq.ft, marking a remarkable 275% increase from the previous figure. However, in 2017, the value decreased to Rs 1,005 per sq.ft, which was a decline of 33%. The guideline value then increased to Rs 1,500 per sq.ft in 2023, and finally reached Rs 1,700 per sq.ft in the 2024 revision, reflecting a 13% increase from the previous year.

There are no figures available for the years between these revisions for Srinivasa Nagar 1st Street in the register.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of Rs 1,700 per sq.ft for Srinivasa Nagar 1st Street is below this median.

• Srinivasa Nagar 2nd Street: Rs 1,700 per sq.ft (2024)
• Srinivasa Nagar: Rs 1,700 per sq.ft (2024)
• Srinivasa Nagar 3rd Street: Rs 1,700 per sq.ft (2024)
• Srinivasa Nagar 4th Street: Rs 1,700 per sq.ft (2024)
• St.Thomas Street: Rs 3,300 per sq.ft (2024)
• Subarayan Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Srinivasa Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would amount to Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total to Rs 1,53,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Srinivasa Nagar 1st Street?

The Sub Registrar Office that covers Srinivasa Nagar 1st Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Palavakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the guideline value serves as a benchmark for calculating the applicable duties. Buyers should be aware that the duty is charged on the higher of the guideline value or the sale price, which ensures that the government receives the correct amount based on the property's value.

Frequently asked questions

What is the current guideline value of Srinivasa Nagar 1st Street?

The current guideline value of Srinivasa Nagar 1st Street is Rs 1,700 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 177 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, showing an overall increase of 860% over the years.

What is the land classification for Srinivasa Nagar 1st Street?

Srinivasa Nagar 1st Street is classified as Residential Class IV Type - II.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a 1,000 sq.ft plot, the total cost would be Rs 1,53,000.

Which office handles registrations for Srinivasa Nagar 1st Street?

The Neelankarai Sub Registrar Office handles registrations for Srinivasa Nagar 1st Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.