Guideline Value for Saraswathi Colony 2nd Street

Saraswathi Colony 2nd Street guideline value

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

How the guideline value of Saraswathi Colony 2nd Street has changed

The guideline value for Saraswathi Colony 2nd Street has seen several revisions over the years. The earliest recorded figure is from 2002, which was Rs 85 per sq.ft. This value increased to Rs 94 per sq.ft in 2003, marking an 11% rise. Following this, the value surged significantly to Rs 350 per sq.ft in 2007, reflecting a 272% increase. In 2012, the guideline value rose to Rs 2,250 per sq.ft, showing a substantial increase of 543% from the previous revision. However, it then dropped to Rs 1,507 per sq.ft in 2017, indicating a decrease of 33%. The value increased again to Rs 2,250 per sq.ft in 2023, and the latest revision in 2024 set the guideline value at Rs 2,500 per sq.ft, which is an 11% increase from the previous year.

There are no figures recorded for the revisions between 2002 and 2007, and the register has no figure for the years not mentioned. Overall, from 2002 to 2024, the guideline value has increased by 2,841%.

Guideline values in Nerkundram

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

• Saraswathi Colony 1st 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty is charged at 7%, which totals Rs 1,75,000, while the registration fee is 2%, amounting to Rs 50,000. Together, these fees total Rs 2,25,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Saraswathi Colony 2nd Street?

The Saraswathi Colony 2nd Street falls under the jurisdiction of 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 critical factor in property transactions in Nerkundram. It is used to determine the stamp duty and registration fees applicable during the buying or selling process. Buyers and sellers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring transparency in property transactions.

When registering a property, it is essential to refer to the latest guideline value to avoid any discrepancies. This value helps in assessing the financial implications of the transaction, providing a clear understanding of the costs involved in the registration process.

Frequently asked questions

What is the current guideline value of Saraswathi Colony 2nd Street?

The current guideline value of Saraswathi Colony 2nd 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 this period.

What is the median guideline value in Nerkundram?

The median guideline value in Nerkundram is Rs 2,200 per sq.ft as of 2024, with Saraswathi Colony 2nd Street's value being above this median.

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

For a property valued at Rs 25,00,000, the stamp duty is Rs 1,75,000 and the registration fee is Rs 50,000, totaling Rs 2,25,000.

Which office handles the registration for Saraswathi Colony 2nd Street?

The registration for Saraswathi Colony 2nd Street is handled by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.