Guideline Value for SURYA NAGAR

Surya Nagar guideline value

The current guideline value of Surya Nagar, located in Korattur village under the Villivakkam SRO, is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - III.

How the guideline value of Surya Nagar has changed

The guideline value for Surya Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 69 per sq.ft, which increased dramatically to Rs 1,500 per sq.ft in 2012, marking a rise of 2074%. However, from 2012 to 2017, the value decreased to Rs 1,005 per sq.ft, reflecting a decline of 33%. The value then rose again to Rs 1,500 per sq.ft in 2023, followed by a further increase to Rs 1,600 per sq.ft in 2024, a change of 7%.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2002 to 2024, the guideline value has increased by 2219%. The register does not have figures for the years 2003 and 2007 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO with a 2024 guideline value 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, which indicates that the guideline value for Surya Nagar is below this median.

• Sundaramudaliar Thottam: Rs 1,600 per sq.ft (2024)
• Subramani Nagar: Rs 1,600 per sq.ft (2024)
• Subbulakshmi Nagar Extention: Rs 2,100 per sq.ft (2024)
• SUBBULAKSHMI NAGAR 4th STREET: Rs 2,100 per sq.ft (2024)
• SUBBULAKSHMI NAGAR 3rd STREET: Rs 2,100 per sq.ft (2024)
• SUBBULAKSHMI NAGAR 2nd STREET: Rs 2,100 per sq.ft (2024)

Stamp duty and registration fee for property in Surya Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total cost for these fees to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Surya Nagar?

Surya Nagar falls under 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 further assistance.

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 stamp duty and registration fees applicable during the sale or purchase of property.

When a buyer or seller approaches the registration office, the guideline value is used to calculate the fees based on the property's size and the applicable rates. This ensures that the transaction is recorded accurately and in accordance with the legal requirements.

Frequently asked questions

What is the current guideline value of Surya Nagar?

The current guideline value of Surya Nagar is Rs 1,600 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 69 per sq.ft in 2002 to Rs 1,600 per sq.ft in 2024, with various increases and decreases in between.

What are the other streets in Korattur with similar guideline values?

Other streets in Korattur with a guideline value of Rs 1,600 per sq.ft include Sundaramudaliar Thottam and Subramani Nagar.

How is stamp duty calculated for properties in Surya Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 at a rate of 7%.

Which office handles property registrations in Surya Nagar?

The Villivakkam Sub Registrar Office handles property registrations in Surya Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.