Guideline Value for Salaima Nagar

Salaima Nagar guideline value

The current guideline value of Salaima Nagar, located in Erukancherry village under the Madhavaram SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under Residential Class IV Type - I land classification.

How the guideline value of Salaima Nagar has changed

In the 2012 revision, the guideline value was set at Rs 2,000 per sq.ft. This value decreased to Rs 1,340 per sq.ft in the 2017 revision, marking a reduction of 33%. However, from 2017 to 2023, the value increased significantly by 49%, bringing it to Rs 2,000 per sq.ft. The most recent revision in 2024 shows a further increase to Rs 2,200 per sq.ft, which is a 10% rise from the previous year.

The register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 3,800 per sq.ft as of 2024. The median guideline value in the village is Rs 2,500 per sq.ft, placing Salaima Nagar's current value below this median.

• Sanathy Street: Rs 2,200 per sq.ft (2024)
• Sanjay Gandhi Street: Rs 2,200 per sq.ft (2024)
• Saravanan Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Saravanan Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Saravanan Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Saravanan Street (Lakshmi amman Nagar): Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Salaima Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost to Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Salaima Nagar?

The Salaima Nagar area is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

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

When a property is sold, the guideline value is used to ensure that the transaction is recorded accurately and fairly. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Salaima Nagar?

The current guideline value of Salaima Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes: it was Rs 2,000 per sq.ft in 2012, decreased to Rs 1,340 per sq.ft in 2017, and then increased to Rs 2,000 per sq.ft in 2023. The latest revision in 2024 raised it to Rs 2,200 per sq.ft.

What are the stamp duty and registration fees for property in Salaima Nagar?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000. Duty is charged on the higher of the guideline value or the sale price.

Which Sub Registrar Office covers Salaima Nagar?

The Madhavaram Sub Registrar Office covers Salaima Nagar, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification of Salaima Nagar?

Salaima Nagar is classified as Residential Class IV Type - I, indicating its designation for residential use under the local land classification system.