Guideline Value for Saraswathi Colony 1st Street

Saraswathi Colony 1st Street guideline value

The current guideline value of Saraswathi Colony 1st Street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village, under the Virugambakkam SRO, and is classified as Residential Class III Type - II.

How the guideline value of Saraswathi Colony 1st Street has changed

The guideline value for Saraswathi Colony 1st Street has seen several revisions over the years. The earliest recorded figure is from 2002, where the value was Rs 85 per sq.ft. This increased to Rs 94 per sq.ft in 2003, marking an 11% rise. The value then surged significantly to Rs 350 per sq.ft in 2007, reflecting a 272% increase. In 2012, the guideline value was recorded at Rs 2,250 per sq.ft, which was a substantial 543% increase from the previous revision. However, this value dropped by 33% to Rs 1,507 per sq.ft in 2017.

In the subsequent revisions, the guideline value rose to Rs 2,250 per sq.ft in 2023, which was a 49% increase from 2017. The most recent revision in 2024 set the guideline value at Rs 2,500 per sq.ft, representing an 11% increase from the previous year. The overall change from 2002 to 2024 shows a remarkable increase of 2,841%.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with guideline values for 2024 ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, placing Saraswathi Colony 1st Street's 2024 figure above that median.

• Saraswathi Colony 2nd Street: Rs 2,500 per sq.ft (2024)
• Saraswathi Colony 3rd Street: Rs 2,500 per sq.ft (2024)
• Saraswathi Colony Pallikuda Street: Rs 2,500 per sq.ft (2024)
• Saraswathi Nagar: Rs 2,500 per sq.ft (2024)
• Saraswathi Nagar Extension: Rs 2,500 per sq.ft (2024)
• Samuel Colony: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Saraswathi Colony 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 2,500 per sq.ft, the guideline value totals Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total to Rs 2,25,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Saraswathi Colony 1st Street?

The Saraswathi Colony 1st Street is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Nerkundram. It serves as the basis for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable duties. This ensures that the transaction is recorded accurately and complies with local regulations.

Frequently asked questions

What is the current guideline value of Saraswathi Colony 1st Street?

The current guideline value of Saraswathi Colony 1st Street is Rs 2,500 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 85 per sq.ft in 2002 to Rs 2,500 per sq.ft in 2024, reflecting an overall increase of 2,841% over the years.

What are the other streets in Nerkundram with the same guideline value?

Other streets in Nerkundram with the same guideline value of Rs 2,500 per sq.ft include Saraswathi Colony 2nd Street, Saraswathi Colony 3rd Street, Saraswathi Colony Pallikuda Street, Saraswathi Nagar, Saraswathi Nagar Extension, and Samuel Colony.

How is stamp duty calculated for properties in Saraswathi Colony 1st Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property with a guideline value of Rs 25,00,000 would incur a stamp duty of Rs 1,75,000 at a rate of 7%.

Where can I find the Sub Registrar Office for Saraswathi Colony 1st Street?

The Sub Registrar Office covering Saraswathi Colony 1st Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find more information online.