Guideline Value for SRIRAM NAGAR 1ST STREET

Sriram Nagar 1st Street guideline value

The current guideline value of Sriram Nagar 1st Street is Rs 1,930 per sq.ft, effective from 1 July 2024. This street is located in Karambakkam village under the Chennai South Joint I SRO, classified as Residential Class III Type - I.

How the guideline value of Sriram Nagar 1st Street has changed

The guideline value for Sriram Nagar 1st Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,750 per sq.ft, which was then reduced to Rs 1,172 per sq.ft in the 2017 revision. Following this, the 2023 revision raised the guideline value to Rs 1,750 per sq.ft, and the latest 2024 revision increased it further to Rs 1,930 per sq.ft. There are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2017, the value decreased by 33%. However, from 2017 to 2023, it increased by 49%. The 2023 to 2024 revision reflects a 10% increase, and overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Karambakkam

In Karambakkam, there are 159 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 1,930 per sq.ft, which is the same as the current value for Sriram Nagar 1st Street.

• Sriram Nagar 2nd Street: Rs 1,930 per sq.ft (2024)
• Sriram Nagar: Rs 1,930 per sq.ft (2024)
• Sriram Nagar 3rd Street: Rs 1,930 per sq.ft (2024)
• Sriram Nagar Main Road: Rs 1,930 per sq.ft (2024)
• Sri Padmavathy Nagar: Rs 1,650 per sq.ft (2024)
• Srimath Malathi Nagar: Rs 1,110 per sq.ft (2024)

Stamp duty and registration fee for property in Sriram Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,930 per sq.ft, the total guideline value amounts to Rs 19,30,000. The stamp duty at 7% would be Rs 1,35,100, and the registration fee at 2% would be Rs 38,600, totaling Rs 1,73,700. 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 Sriram Nagar 1st Street?

The Sub Registrar Office that covers Sriram Nagar 1st Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is an essential factor during the registration of property transactions in Karambakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, it is crucial to be aware of the guideline value, as it impacts the overall costs involved in the transaction. Buyers should ensure that they are informed about the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Sriram Nagar 1st Street?

The current guideline value of Sriram Nagar 1st Street is Rs 1,930 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,750 per sq.ft in 2012 to Rs 1,172 per sq.ft in 2017, then back to Rs 1,750 per sq.ft in 2023, and finally to Rs 1,930 per sq.ft in 2024.

What is the land classification for Sriram Nagar 1st Street?

Sriram Nagar 1st Street is classified as Residential Class III Type - I under the Chennai South Joint I SRO.

What are the stamp duty and registration fees for properties here?

For a property valued at Rs 19,30,000, the stamp duty would be Rs 1,35,100 and the registration fee would be Rs 38,600, totaling Rs 1,73,700.

Which office handles the registration for Sriram Nagar 1st Street?

The Chennai South Joint I Sub Registrar Office handles the registration for Sriram Nagar 1st Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.