Guideline Value for SUBBULAKSHMI NAGAR 3rd STREET

SUBBULAKSHMI NAGAR 3rd STREET guideline value

The current guideline value of SUBBULAKSHMI NAGAR 3rd STREET is Rs 2,100 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 III Type - I.

How the guideline value of SUBBULAKSHMI NAGAR 3rd STREET has changed

The guideline value for SUBBULAKSHMI NAGAR 3rd STREET has seen several revisions over the years. The earliest recorded value was Rs 600 per sq.ft in 2007. Following this, the value increased significantly to Rs 2,000 per sq.ft in 2012, marking a 233% rise. However, it decreased to Rs 1,340 per sq.ft in 2017, reflecting a 33% drop. The value then surged to Rs 2,000 per sq.ft in 2023, and finally, it reached Rs 2,100 per sq.ft in the 2024 revision, which is a 5% increase from the previous year.

It is important to note that the guideline value register does not have figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 250%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, placing the 2024 guideline value of SUBBULAKSHMI NAGAR 3rd STREET below this median.

• SUBBULAKSHMI NAGAR 2nd STREET: Rs 2,100 per sq.ft (2024)
• SUBBULAKSHMI NAGAR 4th STREET: Rs 2,100 per sq.ft (2024)
• SUBBULAKSHMI NAGAR 1st STREET: Rs 2,100 per sq.ft (2024)
• Subbulakshmi Nagar Extention: Rs 2,100 per sq.ft (2024)
• Subbulakshmi Nagar: Rs 2,100 per sq.ft (2024)
• Subramani Nagar: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in SUBBULAKSHMI NAGAR 3rd STREET

For a 1,000 sq.ft plot at the current rate of Rs 2,100 per sq.ft, the guideline value amounts to Rs 21,00,000. The stamp duty at 7% would be Rs 1,47,000, and the registration fee at 2% would be Rs 42,000, bringing the total to Rs 1,89,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers SUBBULAKSHMI NAGAR 3rd STREET?

The SUBBULAKSHMI NAGAR 3rd STREET is covered by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By 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 is a crucial factor when registering property transactions in Korattur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that transactions are recorded at a fair value.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are essential for the legal transfer of property ownership. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of SUBBULAKSHMI NAGAR 3rd STREET?

The current guideline value of SUBBULAKSHMI NAGAR 3rd STREET is Rs 2,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 2,100 per sq.ft in 2024, marking an overall increase of 250% over this period.

What is the land classification of SUBBULAKSHMI NAGAR 3rd STREET?

SUBBULAKSHMI NAGAR 3rd STREET is classified as Residential Class III Type - I.

Which Sub Registrar Office covers this street?

The Villivakkam Sub Registrar Office covers SUBBULAKSHMI NAGAR 3rd STREET, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 21,00,000, the total fees would amount to Rs 1,89,000.