Guideline Value for SRIRAM NAGAR MAIN ROAD

Sriram Nagar Main Road guideline value

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

How the guideline value of Sriram Nagar Main Road has changed

The guideline value for Sriram Nagar Main Road 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 2017. Following this, the value increased significantly to Rs 1,750 per sq.ft in 2023, and then to Rs 1,930 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. The overall change from the 2012 revision to the 2024 revision shows a modest increase of 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Karambakkam

In Karambakkam, there are 159 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,100 to Rs 5,500 per sq.ft. The median value is Rs 1,930 per sq.ft, which matches the 2024 figure for Sriram Nagar Main Road.

• Sriram Nagar 3rd Street: Rs 1,930 per sq.ft (2024)
• Sriram Nagar 2nd Street: Rs 1,930 per sq.ft (2024)
• Sriram Nagar 1st Street: Rs 1,930 per sq.ft (2024)
• Sriram Nagar: Rs 1,930 per sq.ft (2024)
• Sri Padmavathy Nagar: Rs 1,650 per sq.ft (2024)
• S.S.Nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Sriram Nagar Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 1,930 per sq.ft, the total guideline value would be Rs 19,30,000. The stamp duty at 7% would amount to Rs 1,35,100, and the registration fee at 2% would be Rs 38,600, bringing the total to Rs 1,73,700. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sriram Nagar Main Road?

The Sriram Nagar Main Road is covered by 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 details.

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

The guideline value is a critical factor in the registration process when buying or selling property in Karambakkam. It helps determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is compliant with local regulations.

When a property is sold, the guideline value is used to assess the minimum value for tax purposes. Buyers should be aware that the stamp duty is calculated based on the higher value between the guideline value and the actual sale price.

Frequently asked questions

What is the current guideline value of Sriram Nagar Main Road?

The current guideline value of Sriram Nagar Main Road 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 increased to Rs 1,750 per sq.ft in 2023, and finally to Rs 1,930 per sq.ft in 2024.

What is the classification of land on Sriram Nagar Main Road?

The land classification for Sriram Nagar Main Road is Residential Class III Type - I.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur a total of Rs 1,73,700 in fees.

Which Sub Registrar Office handles registrations for Sriram Nagar Main Road?

The Chennai South Joint I Sub Registrar Office handles registrations for Sriram Nagar Main Road, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.