Guideline Value for Saravana Nagar

Saravana Nagar guideline value

The current guideline value of Saravana Nagar, located in Kodungaiyur village under the Madhavaram SRO, is Rs 2,700 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of Saravana Nagar has changed

The guideline value for Saravana Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was then reduced to Rs 1,675 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,500 per sq.ft, and the latest 2024 revision brought it up to Rs 2,700 per sq.ft.

In terms of percentage changes, the value increased by 49% from 2017 to 2023, followed by an 8% increase from 2023 to 2024. Overall, from 2012 to 2024, the guideline value has seen an increase of 8%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Kodungaiyur

Kodungaiyur has a total of 1,318 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, which is equal to the current guideline value of Saravana Nagar.

• Saravanan Cross Street: Rs 2,200 per sq.ft (2024)
• Saravanan Street (Krishnamoorthy Nagar): Rs 2,700 per sq.ft (2024)
• Saravana Street: Rs 2,700 per sq.ft (2024)
• Sarvapalli Street (Krishnamoorthy Nagar): Rs 2,700 per sq.ft (2024)
• Sasirekkamma Nagar 10th Street: Rs 2,700 per sq.ft (2024)
• Sasirekkamma Nagar 1st 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, bringing the total charges to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Saravana Nagar?

The Saravana Nagar area falls under the jurisdiction of the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Kodungaiyur. It is used to determine the stamp duty and registration fees applicable when buying or selling property in the area. Buyers should be aware that the guideline value may differ from the actual sale price, and the higher of the two will be used for calculating the applicable duties.

When registering a property, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property dealings. It is advisable for buyers and sellers to be familiar with the current guideline values to avoid any discrepancies during the registration process.

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 2023 to Rs 2,700 per sq.ft in 2024, an increase of 8%. It was Rs 1,675 per sq.ft in 2017, which represents a 49% increase to the 2023 figure.

What is the land classification for Saravana Nagar?

Saravana Nagar is classified as Residential Class I Type - I land. This classification is important for determining the usage and potential development of the property.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles registrations for properties in Saravana Nagar and surrounding areas.

How is stamp duty calculated in Saravana Nagar?

Stamp duty in Saravana Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, there is a registration fee of 2% based on the same criteria.