Guideline Value for SURIYA APARTMENTS

Suriya Apartments guideline value

The current guideline value of Suriya Apartments in Padi village, under the Villivakkam SRO, is Rs 8,200 per sq.ft, effective from 1 July 2024. This property falls under the Residential Class I Type - III land classification.

How the guideline value of Suriya Apartments has changed

The guideline value for Suriya Apartments has seen significant changes over the years. The earliest recorded revision in the register is from 2002, where the guideline value was Rs 1,075 per sq.ft. This increased to Rs 1,205 per sq.ft in 2003, marking a 12% rise. By 2007, the value surged to Rs 1,650 per sq.ft, a notable increase of 37%. The value then experienced a massive jump to Rs 7,500 per sq.ft in 2012, reflecting a 355% increase. However, from 2012 to 2017, the value decreased to Rs 5,025 per sq.ft, a decline of 33%. The value then rose significantly to Rs 7,500 per sq.ft in 2023, and currently, it stands at Rs 8,200 per sq.ft as per the 2024 revision, reflecting a 9% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 663%. The register has no figures for the years between 2017 and 2023.

Guideline values in Padi

Padi village has a range of guideline values across its 354 streets under the Villivakkam SRO, with the 2024 figures varying from Rs 2,200 to Rs 13,200 per sq.ft. The median value for these streets is Rs 3,800 per sq.ft, placing Suriya Apartments above this median value.

• Sundarar Street (Koil Land): Rs 2,500 per sq.ft (2024)
• Syndicate Bank Colony: Rs 8,700 per sq.ft (2024)
• SYNDICATE BANK COLONY 10th STREET: Rs 8,700 per sq.ft (2024)
• SYNDICATE BANK COLONY 11th STREET: Rs 8,700 per sq.ft (2024)
• Thamarai Kudiyeruppu: Rs 6,600 per sq.ft (2024)
• Thangavel Thottam: Rs 3,400 per sq.ft (2024)

Stamp duty and registration fee for property in Suriya Apartments

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total guideline value would be Rs 82,00,000. The stamp duty at 7% would amount to Rs 5,74,000, and the registration fee at 2% would be Rs 1,64,000, bringing the total to Rs 7,38,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Suriya Apartments?

The Sub Registrar Office that covers Suriya Apartments is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Padi. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Suriya Apartments?

The current guideline value of Suriya Apartments is Rs 8,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,075 per sq.ft in 2002 to Rs 8,200 per sq.ft in 2024, reflecting an overall increase of 663% over this period.

What is the land classification for Suriya Apartments?

Suriya Apartments falls under the Residential Class I Type - III land classification.

Where can I find the Sub Registrar Office for Suriya Apartments?

The Sub Registrar Office for Suriya Apartments is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 82,00,000 would incur a stamp duty of Rs 5,74,000 and a registration fee of Rs 1,64,000.