Guideline Value for Saraswathi Nagar

Saraswathi Nagar guideline value

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

How the guideline value of Saraswathi Nagar has changed

The guideline value for Saraswathi Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 125 per sq.ft, which increased to Rs 138 per sq.ft in 2003, marking a 10% rise. The value then surged to Rs 350 per sq.ft in 2007, reflecting a substantial increase of 154%. Following this, the value experienced a remarkable jump to Rs 2,250 per sq.ft in 2012, which was an increase of 543% from the previous revision. However, from 2012 to 2017, the value decreased to Rs 1,507 per sq.ft, a decline of 33%. The guideline value then rose to Rs 2,250 per sq.ft in 2023, followed by the current figure of Rs 2,500 per sq.ft in 2024, which is an 11% increase.

Throughout these revisions, there are no figures available in the register for the years not listed. Overall, from 2002 to 2024, the guideline value has increased by 1,900%.

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 for these streets is Rs 2,200 per sq.ft, which means that the guideline value for Saraswathi Nagar is above this median.

• Saraswathi Colony Pallikuda Street: Rs 2,500 per sq.ft (2024)
• Saraswathi Colony 3rd Street: Rs 2,500 per sq.ft (2024)
• Saraswathi Colony 2nd Street: Rs 2,500 per sq.ft (2024)
• Saraswathi Colony 1st Street: 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 Nagar

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 at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, making the total cost for these fees 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 use our stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Saraswathi Nagar?

The Sub Registrar Office that covers Saraswathi Nagar is 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 plays a crucial role in the registration process of property transactions in Nerkundram. When a property is bought or sold, the guideline value is used to determine the applicable stamp duty and registration fees. Buyers must be aware that these fees are calculated based on the higher of the guideline value or the sale price.

It is essential for buyers and sellers to understand that the guideline value is set by the government and is subject to periodic revisions. This ensures that the property registration process is transparent and standardized, reflecting the current market conditions.

Frequently asked questions

What is the current guideline value of Saraswathi Nagar?

The current guideline value of Saraswathi Nagar 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 125 per sq.ft in 2002 to Rs 2,500 per sq.ft in 2024, showing an overall increase of 1,900% over this period.

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

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

Which Sub Registrar Office covers Saraswathi Nagar?

The Virugambakkam Sub Registrar Office covers Saraswathi Nagar, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the median guideline value for streets in Nerkundram?

The median guideline value for streets in Nerkundram is Rs 2,200 per sq.ft, with Saraswathi Nagar's value being above this median at Rs 2,500 per sq.ft.