Guideline Value for SRINIVASA NAGAR 2ND STREET

Srinivasa Nagar 2nd Street guideline value

The current guideline value of Srinivasa Nagar 2nd Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village under the Neelankarai SRO, classified as Residential Class IV Type - II.

How the guideline value of Srinivasa Nagar 2nd Street has changed

The guideline value for Srinivasa Nagar 2nd Street has seen several revisions over the years. Starting from Rs 177 per sq.ft in 2002, it increased to Rs 198 per sq.ft in 2003. Following this, there was a significant rise to Rs 400 per sq.ft in 2007, and then to Rs 1,500 per sq.ft in 2012. However, it dropped to Rs 1,005 per sq.ft in 2017 before climbing to Rs 1,500 per sq.ft in 2023, and finally reaching Rs 1,700 per sq.ft in 2024, marking a 13% increase from the previous year.

In terms of percentage changes, the guideline value rose by 102% from 2002 to 2007, then decreased by 33% from 2012 to 2017. The value saw a substantial increase of 49% from 2017 to 2023. Overall, from 2002 to 2024, the guideline value has increased by 860%. The register has no figures for the years not mentioned.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, making the 2024 figure for Srinivasa Nagar 2nd Street below this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be 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 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 assistance.

Which Sub Registrar Office covers Srinivasa Nagar 2nd Street?

The Sub Registrar Office that covers Srinivasa Nagar 2nd Street 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 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 and is used to calculate the applicable stamp duty and registration fees.

When a property is sold, the sale price must be equal to or greater than the guideline value. This ensures that the government receives the correct amount of revenue from the transaction. Buyers and sellers should be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Srinivasa Nagar 2nd Street?

The current guideline value of Srinivasa Nagar 2nd 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, reflecting an overall increase of 860% over this period.

What is the land classification of Srinivasa Nagar 2nd Street?

Srinivasa Nagar 2nd Street is classified as Residential Class IV Type - II.

Where can I find the Neelankarai Sub Registrar Office?

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

How is stamp duty calculated for properties in Srinivasa Nagar 2nd Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 1,19,000.