Guideline Value for SRINIVASA NAGAR

Srinivasa Nagar guideline value

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

How the guideline value of Srinivasa Nagar has changed

The guideline value for Srinivasa Nagar has undergone several revisions over the years. Starting from Rs 177 per sq.ft in 2002, the value increased to Rs 198 per sq.ft in 2003. In 2007, it saw a significant rise to Rs 400 per sq.ft, followed by a jump to Rs 1,500 per sq.ft in 2012. However, it decreased to Rs 1,005 per sq.ft in 2017. The value increased again to Rs 1,500 per sq.ft in 2023 and is now Rs 1,700 per sq.ft in 2024, marking a 13% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 860%. The revisions for the years 2012 to 2017 showed a decrease of 33%, while the increase from 2017 to 2023 was 49%. Notably, there are no figures available for the years not listed in the register for this street.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Srinivasa Nagar's 2024 figure below that median.

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

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 or the sale price.

You can use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Srinivasa Nagar?

The Sub Registrar Office that covers Srinivasa Nagar 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, visit find your SRO.

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

The guideline value is a critical 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 transaction is documented accurately in the official records.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. This ensures that both the buyer and seller adhere to the legal requirements set forth by the Registration Department.

Frequently asked questions

What is the current guideline value of Srinivasa Nagar?

The current guideline value of Srinivasa Nagar 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 significant changes, starting from Rs 177 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, marking an overall increase of 860%.

What are the registration fees for buying property in Srinivasa Nagar?

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.

Which office handles registrations for Srinivasa Nagar?

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

What is the median guideline value for streets in Palavakkam?

The median guideline value for streets in Palavakkam is Rs 3,300 per sq.ft, with Srinivasa Nagar's 2024 figure being below this median.