Guideline Value for Saratha Nagar Extnension

Saratha Nagar Extnension guideline value

The current guideline value of Saratha Nagar Extnension is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is located in Virugambakkam village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Saratha Nagar Extnension has changed

The guideline value for Saratha Nagar Extnension has undergone several revisions over the years. The oldest recorded revision is from 2007, which set the value at Rs 1,905 per sq.ft. This figure increased significantly to Rs 4,000 per sq.ft in 2012, marking a 110% rise. However, in 2017, the value decreased to Rs 2,680 per sq.ft, reflecting a 33% drop. The value then rose to Rs 4,000 per sq.ft in 2023, a 49% increase, and finally reached Rs 4,400 per sq.ft in 2024, showing a 10% increase from the previous year.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 131%.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the guideline value of Saratha Nagar Extnension.

• Saratha Nagar: Rs 4,400 per sq.ft (2024)
• Sathik Baha Sheikh Abdulla Nagar 3 rd Cross Street: Rs 2,750 per sq.ft (2024)
• Sathik Basha Sheikh Abdullah Nagar 1 st Cross Street: Rs 2,750 per sq.ft (2024)
• Santhanam Street: Rs 3,300 per sq.ft (2024)
• Sanmugam Street: Rs 3,300 per sq.ft (2024)
• Sanjay Gandhi Nagar 3rd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Saratha Nagar Extnension

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. 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 Saratha Nagar Extnension?

The Sub Registrar Office that covers Saratha Nagar Extnension 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 Virugambakkam

The guideline value is a crucial factor in the registration process when buying or selling property in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the transaction is recorded accurately and that the appropriate taxes are applied.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations and avoid any potential legal issues during the registration process.

Frequently asked questions

What is the current guideline value of Saratha Nagar Extnension?

The current guideline value of Saratha Nagar Extnension is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,905 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 131% over the years.

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

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles property registrations in Saratha Nagar Extnension?

The Virugambakkam Sub Registrar Office handles property registrations for Saratha Nagar Extnension, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Saratha Nagar Extnension?

The land classification for Saratha Nagar Extnension is Residential Class III Type - I.