Guideline Value for SRINIVASA NAGAR 3RD STREET

Srinivasa Nagar 3rd Street guideline value

The current guideline value of Srinivasa Nagar 3rd Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village, under the Neelankarai SRO, and is classified as Residential Class IV Type - II.

How the guideline value of Srinivasa Nagar 3rd Street has changed

The guideline value for Srinivasa Nagar 3rd Street has undergone several revisions since 2002. The earliest recorded figure is Rs 177 per sq.ft in 2002, which increased to Rs 198 per sq.ft in 2003, marking a 12% rise. In 2007, the value surged to Rs 400 per sq.ft, reflecting a 102% increase. The 2012 revision saw the value rise to Rs 1,500 per sq.ft, a significant 275% increase from 2007. However, in 2017, the value decreased to Rs 1,005 per sq.ft, showing a decline of 33% from the previous revision.

In 2023, the guideline value was adjusted to Rs 1,500 per sq.ft, and the most recent revision in 2024 set it at Rs 1,700 per sq.ft, which is a 13% increase. Overall, from 2002 to 2024, the guideline value has increased by 860%. The register has no figures for the years not mentioned above.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that have 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. Srinivasa Nagar 3rd Street's 2024 figure is below this median.

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

For a 1,000 sq.ft plot at the current rate of Rs 1,700 per sq.ft, the guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, while the registration fee at 2% would be Rs 34,000, totaling Rs 1,53,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Srinivasa Nagar 3rd Street?

The Sub Registrar Office that covers Srinivasa Nagar 3rd 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 plays a crucial role during the registration process of property transactions in Palavakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that these costs are calculated based on a standardized value rather than the negotiated sale price.

When buying or selling property, the guideline value is referenced to ascertain the legal obligations associated with the transaction. This ensures transparency and compliance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value for Srinivasa Nagar 3rd Street?

The current guideline value for Srinivasa Nagar 3rd 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 seen several changes, starting from Rs 177 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, representing an overall increase of 860% over this period.

What is the land classification for Srinivasa Nagar 3rd Street?

Srinivasa Nagar 3rd Street is classified as Residential Class IV Type - II, indicating its designation for residential development.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 17,00,000, the stamp duty would be Rs 1,19,000 and the registration fee would be Rs 34,000, totaling Rs 1,53,000. This is based on the guideline value of Rs 1,700 per sq.ft.

Where is the Sub Registrar Office located for this area?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone, and it covers Srinivasa Nagar 3rd Street.