Guideline Value for SRIRAM NAGAR

Sriram Nagar guideline value

The current guideline value of Sriram Nagar, located in Nanmangalam village under the Pallavaram SRO, is Rs 2,750 per sq.ft as per the 2024 revision effective from 1 July 2024. The land classification for this area is Residential Class I Type - I.

How the guideline value of Sriram Nagar has changed

Over the years, the guideline value of Sriram Nagar has seen several revisions. The 2007 revision set the value at Rs 1,400 per sq.ft, which increased to Rs 2,500 per sq.ft in 2012. However, this figure decreased to Rs 1,675 per sq.ft in 2017, before rising significantly to Rs 2,500 per sq.ft in 2023. The current 2024 revision shows an increase to Rs 2,750 per sq.ft, marking a 10% rise from the previous year.

In summary, the guideline value has changed from Rs 1,400 per sq.ft in 2007 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 96%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nanmangalam

Nanmangalam village has a total of 139 streets under the Pallavaram SRO, with the 2024 guideline values ranging from Rs 1,960 to Rs 3,850 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, which is the same as the guideline value for Sriram Nagar.

• Sri Perumal Nagar: Rs 2,750 per sq.ft (2024)
• Srinivasan Street: Rs 2,750 per sq.ft (2024)
• Sri Sathya Sai Nagar: Rs 1,960 per sq.ft (2024)
• Sri Maha Nagar: Rs 2,750 per sq.ft (2024)
• Sri Sumathinath Residency: Rs 2,750 per sq.ft (2024)
• Sri Vigneshwara Avenue: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Sriram Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sriram Nagar?

The Sriram Nagar area is covered by the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during property transactions in Nanmangalam. It is used to determine the stamp duty and registration fees applicable when buying or selling property in the area. Buyers and sellers must reference the guideline value to ensure compliance with the legal requirements for property registration.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the stamp duty. This ensures that the government receives the appropriate revenue from property transactions based on the established guideline values.

Frequently asked questions

What is the current guideline value of Sriram Nagar?

The current guideline value of Sriram Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,400 per sq.ft in 2007 to Rs 2,750 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification for Sriram Nagar?

Sriram Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the registration office for Sriram Nagar?

The registration office for Sriram Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated for properties in Sriram Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 27,50,000 would incur a stamp duty of Rs 1,92,500 at 7%.