Guideline Value for SUBBULAKSHMI NAGAR

Subbulakshmi Nagar guideline value

The current guideline value of Subbulakshmi Nagar is Rs 2,100 per sq.ft, effective from 1 July 2024. This area is located in Korattur village, under the Villivakkam Sub Registrar Office (SRO). The land classification for this region is Residential Class III Type - I.

How the guideline value of Subbulakshmi Nagar has changed

The guideline value for Subbulakshmi Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 115 per sq.ft. This increased to Rs 600 per sq.ft in 2007, marking a substantial rise of 422%. The value then rose to Rs 2,000 per sq.ft in 2012, which was a 233% increase from the previous revision. However, it decreased to Rs 1,340 per sq.ft in 2017, reflecting a decline of 33%. The 2023 revision set the value at Rs 2,000 per sq.ft, which then increased to Rs 2,100 per sq.ft in 2024, a rise of 5%.

There is no figure available for the year 2003 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 1,726%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft, with a median value of Rs 2,500 per sq.ft. The guideline value for Subbulakshmi Nagar is below this median.

• SUBBULAKSHMI NAGAR 1st STREET: Rs 2,100 per sq.ft (2024)
• SUBBULAKSHMI NAGAR 2nd STREET: Rs 2,100 per sq.ft (2024)
• SUBBULAKSHMI NAGAR 3rd STREET: Rs 2,100 per sq.ft (2024)
• SUBBULAKSHMI NAGAR 4th STREET: Rs 2,100 per sq.ft (2024)
• Subbulakshmi Nagar Extention: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,100 per sq.ft, the total guideline value amounts to Rs 21,00,000. The stamp duty is charged at 7%, which totals Rs 1,47,000, and the registration fee is charged at 2%, amounting to Rs 42,000. Together, the total cost for stamp duty and registration fee is Rs 1,89,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Subbulakshmi Nagar?

The Sub Registrar Office that covers Subbulakshmi Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your specific SRO, you can visit find your SRO.

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

The guideline value is an essential factor in the registration process when buying or selling property in Korattur. It serves as a benchmark for determining the minimum value at which property transactions must be registered. This value is used to calculate the stamp duty and registration fees that are payable at the time of registration.

When a property is sold, the buyer and seller must ensure that the sale price is at least equal to the guideline value. If the sale price is lower than the guideline value, the duty will be charged based on the guideline value instead.

Frequently asked questions

What is the current guideline value of Subbulakshmi Nagar?

The current guideline value of Subbulakshmi Nagar 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 115 per sq.ft in 2002 to Rs 2,100 per sq.ft in 2024, reflecting an overall increase of 1,726%.

What is the land classification of Subbulakshmi Nagar?

The land classification for Subbulakshmi Nagar is Residential Class III Type - I.

Where can I find the Villivakkam Sub Registrar Office?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated in Subbulakshmi Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 2,100 per sq.ft, the total guideline value is Rs 21,00,000.