Guideline Value for SRINIVASA NAGAR

Srinivasa Nagar guideline value

The current guideline value of Srinivasa Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Korattur village and falls under the Villivakkam Sub Registrar Office (SRO). The land classification for this street is Residential Class IV Type - I.

How the guideline value of Srinivasa Nagar has changed

The guideline value for Srinivasa Nagar has seen several revisions over the years. The oldest recorded figure is from 2007, where the value was Rs 250 per sq.ft. This increased significantly to Rs 1,200 per sq.ft in 2012, marking a substantial rise of 380%. However, the value dropped to Rs 804 per sq.ft in 2017, a decrease of 33%. The most recent revisions show an increase to Rs 1,200 per sq.ft in 2023, followed by another increase to Rs 1,300 per sq.ft in 2024, reflecting an 8% rise.

There are no figures available for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 420%, showcasing significant changes over the years.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft, with a median value of Rs 2,500 per sq.ft. The guideline value of Srinivasa Nagar is below this median.

• Sri Moogambikai Nagar: Rs 1,300 per sq.ft (2024)
• Sri Moogambigai Nagar Annex: Rs 1,600 per sq.ft (2024)
• Sri Moogambigai Nagar: Rs 1,600 per sq.ft (2024)
• SRINIVASAPURAM 1st CROSS STREET: Rs 2,500 per sq.ft (2024)
• SRINIVASAPURAM 1st MAIN ROAD: Rs 2,900 per sq.ft (2024)
• SRINIVASAPURAM 1st STREET: Rs 2,500 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 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, while the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. 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 details.

Which Sub Registrar Office covers Srinivasa Nagar?

The Sub Registrar Office that covers Srinivasa Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Korattur. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When a property is registered, the guideline value ensures that the transaction is recorded at a value that reflects the current market conditions. This helps in maintaining transparency and accountability in real estate transactions.

Frequently asked questions

What is the current guideline value of Srinivasa Nagar?

The current guideline value of Srinivasa Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2024, showing an overall increase of 420% over the years.

What is the land classification for Srinivasa Nagar?

Srinivasa Nagar is classified as Residential Class IV Type - I.

Where can I find the Sub Registrar Office for Srinivasa Nagar?

The Sub Registrar Office for Srinivasa Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in Srinivasa Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, on a 1,000 sq.ft plot at Rs 1,300 per sq.ft, the stamp duty would be Rs 91,000.