Guideline Value for SRINIVASA NAGAR 1st STREET

SRINIVASA NAGAR 1st STREET guideline value

The current guideline value of SRINIVASA NAGAR 1st STREET is Rs 3,400 per sq.ft, effective from 1 July 2024. This street is located in Padi village under the Villivakkam SRO, classified as Residential Class IV Type - II.

How the guideline value of SRINIVASA NAGAR 1st STREET has changed

The guideline value for SRINIVASA NAGAR 1st STREET has seen several revisions over the years. The 2007 revision set the value at Rs 850 per sq.ft, which increased significantly to Rs 3,100 per sq.ft in 2012. However, this figure dropped to Rs 2,077 per sq.ft in 2017. The subsequent revisions saw an increase to Rs 3,100 per sq.ft in 2023 and finally to Rs 3,400 per sq.ft in 2024.

From 2017 to 2023, there was a notable increase of 49%. The 2023 to 2024 revision reflects a 10% increase. The overall change from 2007 to 2024 is a substantial increase of 300%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Padi

Padi village has 354 streets under the Villivakkam SRO, with guideline values ranging from Rs 2,200 to Rs 13,200 per sq.ft as of 2024. The median guideline value in this area is Rs 3,800 per sq.ft, indicating that the 2024 figure for SRINIVASA NAGAR 1st STREET is below this median.

• SRINIVASA NAGAR 2nd STREET: Rs 3,400 per sq.ft (2024)
• Sri Krishna Nagar: Rs 6,600 per sq.ft (2024)
• Sri Krishna Appartments (Officers Colony): Rs 6,600 per sq.ft (2024)
• Sri Balaji Nagar (S.No.226): Rs 5,400 per sq.ft (2024)
• South Mada Street 'moorthysamy Colony 3rd Street': Rs 4,400 per sq.ft (2024)
• South Mada Street 'moorthysamy Colony 2nd Street': Rs 4,400 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 3,400 per sq.ft, the total guideline value amounts to Rs 34,00,000. The stamp duty at 7% would be Rs 2,38,000, and the registration fee at 2% would be Rs 68,000, leading to a total of Rs 3,06,000. Duty is charged on the higher of the guideline value and the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers SRINIVASA NAGAR 1st STREET?

The Sub Registrar Office covering SRINIVASA NAGAR 1st STREET is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions, as it determines the amount of stamp duty and registration fees payable. When buying or selling property in Padi, the guideline value is used to assess the transaction value for these fees.

It is important for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements during the registration process. This value serves as a benchmark for property transactions in the area.

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 3,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 850 per sq.ft in 2007 to Rs 3,400 per sq.ft in 2024, reflecting an overall increase of 300% over this period.

What is the registration office for SRINIVASA NAGAR 1st STREET?

The registration office for SRINIVASA NAGAR 1st STREET is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What are the stamp duty rates applicable?

The stamp duty rate applicable is 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is charged.

How does the guideline value affect property transactions?

The guideline value affects property transactions by determining the stamp duty and registration fees that must be paid during the registration process. It is crucial for buyers and sellers to know this value to comply with legal requirements.