Guideline Value for Saravana Nagar

Saravana Nagar guideline value

The current guideline value of Saravana Nagar, located in Rajakilpakkam village under the Selaiyur SRO, is Rs 2,700 per sq.ft, effective from 1 July 2024. The land is classified as Residential Special Type - I.

How the guideline value of Saravana Nagar has changed

The guideline value of Saravana Nagar has seen several revisions over the years. In 2012, the value was Rs 2,500 per sq.ft, which then decreased to Rs 1,675 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,700 per sq.ft in the 2024 revision. Notably, the register has no figures for the years 2002, 2003, and 2007 for this street.

In terms of percentage changes, the value increased by 8% from 2023 to 2024. Between 2017 and 2023, there was a substantial increase of 49%. However, from 2012 to 2017, the value saw a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Rajakilpakkam

In Rajakilpakkam, there are 384 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 850 to Rs 5,000 per sq.ft. The median guideline value in the village is Rs 2,150 per sq.ft, making the Saravana Nagar guideline value above this median.

• Saravana Nagar 1st Cross Street: Rs 2,700 per sq.ft (2024)
• Saravana Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• Saravana Nagar 2nd Cross Street: Rs 2,700 per sq.ft (2024)
• Saravana Nagar 2nd Street: Rs 2,700 per sq.ft (2024)
• Saravana Nagar 3rd Street: Rs 2,700 per sq.ft (2024)
• Saravana Nagar 4th Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Saravana Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, making the total cost for these fees Rs 2,43,000. 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 details.

Which Sub Registrar Office covers Saravana Nagar?

The Sub Registrar Office that covers Saravana Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Rajakilpakkam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during the registration process.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. These fees are based on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Saravana Nagar?

The current guideline value of Saravana Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012, decreased to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and is currently Rs 2,700 per sq.ft in 2024.

What is the land classification for Saravana Nagar?

Saravana Nagar is classified as Residential Special Type - I, which indicates its suitability for residential purposes.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for properties in Saravana Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, at the current guideline value of Rs 2,700 per sq.ft, the total stamp duty for a 1,000 sq.ft plot would be Rs 1,89,000.