Guideline Value for SURIYA NAGAR 1ST CROSS STREET

Suriya Nagar 1st Cross Street guideline value

The current guideline value of Suriya Nagar 1st Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Commercial Class I Type - III.

How the guideline value of Suriya Nagar 1st Cross Street has changed

Looking at the historical revisions, the guideline value for Suriya Nagar 1st Cross Street has seen several changes over the years. The 2012 revision recorded a value of Rs 2,500 per sq.ft, which then decreased to Rs 1,675 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,500 per sq.ft in 2023, and then rose again to Rs 2,750 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%, and overall, from 2012 to 2024, there has been a 10% increase. It is also important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, placing Suriya Nagar 1st Cross Street above this median at Rs 2,750 per sq.ft.

• Suriya Nagar 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Suriya Nagar 3rd Cross Street: Rs 2,750 per sq.ft (2024)
• Suriya Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Subramani Siva Street: Rs 2,750 per sq.ft (2024)
• Thavooth Nagar 1st Street: Rs 1,540 per sq.ft (2024)
• Thavooth Nagar 2nd Street: Rs 1,540 per sq.ft (2024)

Stamp duty and registration fee for property in Suriya Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would amount to Rs 27,50,000. The stamp duty, charged at 7%, would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost to Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Suriya Nagar 1st Cross Street?

The Suriya Nagar 1st Cross Street falls under 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. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration of property transactions in Medavakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees, which are based on the higher of the guideline value or the actual sale price. This ensures that all property transactions are conducted transparently and fairly.

Frequently asked questions

What is the current guideline value of Suriya Nagar 1st Cross Street?

The current guideline value of Suriya Nagar 1st Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification for Suriya Nagar 1st Cross Street?

The land classification for Suriya Nagar 1st Cross Street is Commercial Class I Type - III.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which Sub Registrar Office covers this street?

The Chennai South Joint I Sub Registrar Office covers Suriya Nagar 1st Cross Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.