Guideline Value for SUBALAKSHMI NAGAR

Subalakshmi Nagar guideline value

The current guideline value of Subalakshmi Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is located in Vanagaram village and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Class IV Type - III.

How the guideline value of Subalakshmi Nagar has changed

The guideline value for Subalakshmi Nagar has undergone several revisions over the years. The earliest recorded figure is from 2002, where the guideline value was Rs 94 per sq.ft. This increased to Rs 108 per sq.ft in 2003, marking a 15% rise. The value then saw a significant jump of 363% to Rs 500 per sq.ft in 2007. Following this, the guideline value doubled to Rs 1,000 per sq.ft in 2012, representing a 100% increase. However, it decreased by 33% to Rs 670 per sq.ft in 2017. The most recent revisions show an increase to Rs 1,000 per sq.ft in 2023, followed by a 10% rise to the current value of Rs 1,100 per sq.ft in 2024.

Overall, from 2002 to 2024, the guideline value has increased by 1,070%. There are no figures available for the years not mentioned in the register for this street.

Guideline values in Vanagaram

In Vanagaram, there are 287 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 770 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 1,660 per sq.ft, indicating that Subalakshmi Nagar's current figure is below this median.

• Subbuammal Salai: Rs 1,970 per sq.ft (2024)
• Subramaniyar Koil 1st Cross Street: Rs 1,100 per sq.ft (2024)
• Subramaniyar Koil 1st Street: Rs 1,100 per sq.ft (2024)
• Subramaniyar Koil 2nd Street: Rs 770 per sq.ft (2024)
• Subramaniyar Koil 3rd Street: Rs 770 per sq.ft (2024)
• Sri Siva Selvi Amman Nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Subalakshmi Nagar

For a 1,000 sq.ft plot at the current rate of Rs 1,100 per sq.ft, the guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Subalakshmi Nagar?

The Subalakshmi Nagar area 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 information.

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

The guideline value is an essential factor when registering property transactions in Vanagaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. It is important to note that the stamp duty is calculated based on the guideline value or the sale price, whichever is higher, thus protecting the interests of the state in property transactions.

Frequently asked questions

What is the current guideline value of Subalakshmi Nagar?

The current guideline value of Subalakshmi Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 94 per sq.ft in 2002 to Rs 1,100 per sq.ft in 2024, reflecting an overall increase of 1,070% over this period.

What is the land classification for Subalakshmi Nagar?

Subalakshmi Nagar is classified as Residential Class IV Type - III, indicating its designation for residential use.

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

For a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 and the registration fee would be Rs 22,000, totaling Rs 99,000.

Which office handles registrations for Subalakshmi Nagar?

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