Guideline Value for SRINIVASAPURAM 1st CROSS STREET

SRINIVASAPURAM 1st CROSS STREET guideline value

The current guideline value of SRINIVASAPURAM 1st CROSS STREET is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Korattur village and falls under the Villivakkam SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of SRINIVASAPURAM 1st CROSS STREET has changed

The guideline value for SRINIVASAPURAM 1st CROSS STREET has seen several revisions over the years. The earliest recorded figure is from 2002, where the guideline value was Rs 136 per sq.ft. This increased significantly to Rs 1,015 per sq.ft in 2007, marking a change of +646%. The value remained at Rs 2,300 per sq.ft from 2012 until 2023, showing no change during this period. In 2024, the guideline value was revised to Rs 2,500 per sq.ft, reflecting a change of +9% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by +1,738%. The revisions for 2003 and 2017 do not have figures recorded for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, which matches the current value for SRINIVASAPURAM 1st CROSS STREET.

• SRINIVASAPURAM 1st MAIN ROAD: Rs 2,900 per sq.ft (2024)
• SRINIVASAPURAM 1st STREET: Rs 2,500 per sq.ft (2024)
• SRINIVASAPURAM 2nd CROSS STREET: Rs 2,500 per sq.ft (2024)
• SRINIVASAPURAM 2nd MAIN ROAD: Rs 2,900 per sq.ft (2024)
• SRINIVASAPURAM 2nd STREET: Rs 2,500 per sq.ft (2024)
• Srinivasapuram 3rd Cross Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in SRINIVASAPURAM 1st CROSS STREET

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, making the total fees Rs 2,25,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers SRINIVASAPURAM 1st CROSS STREET?

The Sub Registrar Office that covers SRINIVASAPURAM 1st CROSS 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 Korattur

The guideline value is a crucial factor when buying or selling property in Korattur. It serves as a benchmark for determining the stamp duty and registration fees applicable during the registration process. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations and to avoid any potential issues during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of SRINIVASAPURAM 1st CROSS STREET?

The current guideline value of SRINIVASAPURAM 1st CROSS STREET is Rs 2,500 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 136 per sq.ft in 2002 to Rs 2,500 per sq.ft in 2024, showing an overall increase of +1,738% over this period.

What is the stamp duty rate for properties in this area?

The stamp duty rate for properties in SRINIVASAPURAM 1st CROSS STREET is 7% of the guideline value or the sale price, whichever is higher.

Which office handles property registration for SRINIVASAPURAM 1st CROSS STREET?

The Villivakkam Sub Registrar Office handles property registration for SRINIVASAPURAM 1st CROSS STREET, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What are the other streets in Korattur with similar guideline values?

Other streets in Korattur with similar guideline values include SRINIVASAPURAM 1st STREET, SRINIVASAPURAM 2nd CROSS STREET, and Srinivasapuram 3rd Cross Street, all valued at Rs 2,500 per sq.ft in 2024.