Guideline Value for SRINIVASAPURAM 2nd STREET

SRINIVASAPURAM 2nd STREET guideline value

The current guideline value of SRINIVASAPURAM 2nd STREET is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Korattur village under the Villivakkam SRO and is classified as Residential Class II Type - III.

How the guideline value of SRINIVASAPURAM 2nd STREET has changed

The guideline value for SRINIVASAPURAM 2nd STREET has undergone several revisions over the years. In 2002, the guideline value was Rs 136 per sq.ft. This value saw a significant increase of 646% by 2007, bringing it to Rs 1,015 per sq.ft. The value then rose by 127% to Rs 2,300 per sq.ft in 2012. However, it experienced a decrease of 33% in 2017, resulting in a guideline value of Rs 1,541 per sq.ft. The value increased by 49% to Rs 2,300 per sq.ft in 2023, and then further rose by 9% to the current value of Rs 2,500 per sq.ft in 2024.

It is important to note that the register has no figure for the year 2003 for this street. Overall, from 2002 to 2024, the guideline value has increased by 1,738%.

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. The median value is Rs 2,500 per sq.ft, which matches the current guideline value of SRINIVASAPURAM 2nd STREET.

• SRINIVASAPURAM 2nd MAIN ROAD: Rs 2,900 per sq.ft (2024)
• Srinivasapuram 3rd Cross Street: Rs 2,500 per sq.ft (2024)
• SRINIVASAPURAM 2nd CROSS STREET: Rs 2,500 per sq.ft (2024)
• SRINIVASAPURAM 3rd MAIN ROAD: Rs 3,300 per sq.ft (2024)
• SRINIVASAPURAM 1st STREET: Rs 2,500 per sq.ft (2024)
• SRINIVASAPURAM 1st MAIN ROAD: Rs 2,900 per sq.ft (2024)

Stamp duty and registration fee for property in SRINIVASAPURAM 2nd STREET

For a 1,000 sq.ft plot at the current rate of Rs 2,500 per sq.ft, the guideline value amounts to 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, totaling 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.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers SRINIVASAPURAM 2nd STREET?

The Sub Registrar Office that covers SRINIVASAPURAM 2nd STREET 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 during the registration of property transactions in Korattur. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of SRINIVASAPURAM 2nd STREET?

The current guideline value of SRINIVASAPURAM 2nd 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, reflecting an overall increase of 1,738% over the years.

What is the role of the Villivakkam SRO?

The Villivakkam SRO is responsible for maintaining the guideline value register and overseeing property registrations in the Korattur area, including SRINIVASAPURAM 2nd STREET.

What are the registration fees for properties in SRINIVASAPURAM 2nd STREET?

The registration fees for properties in SRINIVASAPURAM 2nd STREET include a stamp duty of 7% and a registration fee of 2%, calculated based on the higher of the guideline value or the sale price.

Are there other streets with the same guideline value in Korattur?

Yes, there are other streets in Korattur, such as Srinivasapuram 3rd Cross Street and SRINIVASAPURAM 1st STREET, which also have a guideline value of Rs 2,500 per sq.ft in 2024.