Guideline Value for SUBHA NAGAR

Subha Nagar guideline value

The current guideline value of Subha Nagar, located in Pallikaranai village under the Chennai South Joint I SRO, is Rs 1,320 per sq.ft. This value is effective from 1 July 2024. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Subha Nagar has changed

Over the years, the guideline value of Subha Nagar has seen significant changes. Starting from the 2002 revision, the value was Rs 58 per sq.ft. This increased to Rs 100 per sq.ft in 2003, marking a 72% rise. The value further surged to Rs 400 per sq.ft in 2007, representing a 300% increase. In 2012, the guideline value remained at Rs 1,200 per sq.ft, with no change noted in the register until the 2023 revision, which also recorded Rs 1,200 per sq.ft. The 2024 revision saw a new increase to Rs 1,320 per sq.ft, reflecting a 10% change from the previous year.

In summary, the guideline value has increased from Rs 58 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, which is an overall increase of 2,176%. It is important to note that there is no figure available for the year 2017 for this street in the register.

Guideline values in Pallikaranai

Pallikaranai village has 749 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing the guideline value of Subha Nagar below this median.

• Subha Nagar Extn.: Rs 1,320 per sq.ft (2024)
• Syndicate Bank Colony: Rs 2,750 per sq.ft (2024)
• Tamizhar Quarters: Rs 1,650 per sq.ft (2024)
• Tamizhar Quarters Extn.: Rs 1,650 per sq.ft (2024)
• Tankview 1st Street: Rs 1,320 per sq.ft (2024)
• Tankview 2nd Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Subha Nagar

For a 1,000 sq.ft plot at the current rate of Rs 1,320 per sq.ft, the guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, totaling Rs 1,18,800. It is important to note that 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 Subha Nagar?

The Sub Registrar Office covering Subha Nagar is 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 Pallikaranai

The guideline value is a critical factor when registering property transactions in Pallikaranai. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, it is essential to consider the guideline value, as it can impact the overall costs involved in the transaction. Buyers should be aware of the guideline value to ensure they are paying a fair amount in taxes and fees during the registration process.

Frequently asked questions

What is the current guideline value of Subha Nagar?

The current guideline value of Subha Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 58 per sq.ft to Rs 1,320 per sq.ft in 2024, representing an overall increase of 2,176%.

What is the registration office for Subha Nagar?

The registration office for Subha Nagar is 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.

How is stamp duty calculated for property in Subha Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would amount to Rs 92,400.

What are the guideline values of other streets in Pallikaranai?

Other streets in Pallikaranai have varying guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. For instance, Tamizhar Quarters and Tamizhar Quarters Extn. both have a guideline value of Rs 1,650 per sq.ft in 2024.