Guideline Value for Saravana Colony - Sri Ramalu Street

Saravana Colony - Sri Ramalu Street guideline value

The current guideline value of Saravana Colony - Sri Ramalu Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Saravana Colony - Sri Ramalu Street has changed

Over the years, the guideline value of Saravana Colony - Sri Ramalu Street has seen several revisions. In 2003, the guideline value was Rs 647 per sq.ft, which increased to Rs 850 per sq.ft in 2007. This was a significant rise of 31%. The value then jumped dramatically to Rs 4,500 per sq.ft in 2012, marking a remarkable increase of 429%. However, it decreased to Rs 3,015 per sq.ft in 2017, a drop of 33%. The value then rose again to Rs 4,500 per sq.ft in 2023, and currently stands at Rs 4,950 per sq.ft from the 2024 revision, reflecting a 10% increase from the previous year.

It is important to note that there is no figure available for the year 2002 for this street in the register. Overall, from 2003 to 2024, the guideline value has increased by 665%.

Guideline values in Saligramam

In Saligramam, there are 333 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 guideline value for these streets is Rs 4,400 per sq.ft, placing Saravana Colony - Sri Ramalu Street's 2024 figure above this median.

• Sastri Nagar: Rs 4,400 per sq.ft (2024)
• Saradambal Street: Rs 3,300 per sq.ft (2024)
• Sastri Street 1st Cross Street: Rs 4,950 per sq.ft (2024)
• Sastri Street 2nd Cross Street: Rs 4,950 per sq.ft (2024)
• Sastri Street ( Santhi Nagar): Rs 4,950 per sq.ft (2024)
• Sannathi Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Saravana Colony - Sri Ramalu Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty at 7% would amount to Rs 3,46,500, and the registration fee at 2% would be Rs 99,000. Together, the total cost would be Rs 4,45,500. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Saravana Colony - Sri Ramalu Street?

The Saravana Colony - Sri Ramalu Street falls under the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. For more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Saligramam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When a property is sold, the sale price cannot be lower than the guideline value set for that area. This ensures transparency in property transactions and helps in maintaining a standard for property values in the region.

Frequently asked questions

What is the current guideline value of Saravana Colony - Sri Ramalu Street?

The current guideline value of Saravana Colony - Sri Ramalu Street is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 647 per sq.ft in 2003 to Rs 4,950 per sq.ft in 2024, reflecting an overall increase of 665% over this period.

What is the land classification for Saravana Colony - Sri Ramalu Street?

The land classification for Saravana Colony - Sri Ramalu Street is Residential Class I Type - I.

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

For a property valued at Rs 49,50,000, the stamp duty would be Rs 3,46,500, and the registration fee would be Rs 99,000, totaling Rs 4,45,500.

Which office handles the registration for Saravana Colony - Sri Ramalu Street?

The registration for Saravana Colony - Sri Ramalu Street is handled by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.