Guideline Value for Saravana Nagar

Saravana Nagar guideline value

The current guideline value of Saravana Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Saravana Nagar has changed

In the 2012 revision, the guideline value was set at Rs 1,200 per sq.ft. This figure decreased to Rs 804 per sq.ft in the 2017 revision, marking a decline of 33%. However, the value saw a significant increase in the 2024 revision, rising to Rs 1,300 per sq.ft, which is a 62% increase from the 2017 figure. The register has no figure for this street in the years 2023, 2007, 2003, and 2002.

Overall, from 2012 to 2024, the guideline value has increased by 8%. This reflects the changes in the property valuation over the years, highlighting the fluctuations in the guideline value of Saravana Nagar.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, placing Saravana Nagar's 2024 figure below that median.

• Sarathy Nagar, Lakshmipuram (Ward-26): Rs 2,200 per sq.ft (2024)
• Sarathy Nagar Extension: Rs 2,200 per sq.ft (2024)
• Sarathy Nagar 4th Street, Lakshmipuram (Ward-26): Rs 2,200 per sq.ft (2024)
• Sarathy Nagar 3rd St, Lakshmipuram (Ward-26): Rs 2,200 per sq.ft (2024)
• Sarathy Nagar 2nd St., Lakshmipuram (Ward-26): Rs 2,200 per sq.ft (2024)
• Sarathy Nagar 1st Street (Ward 26): Rs 2,200 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 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, making the total cost for these fees Rs 1,17,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Saravana Nagar?

The Sub Registrar Office that covers Saravana Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

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

The guideline value is a critical factor during property registration in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is compliant with the legal requirements set by the government.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees. These fees are essential for the legal transfer of property ownership and are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Saravana Nagar?

The current guideline value of Saravana Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value of Saravana Nagar changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, and then to Rs 1,300 per sq.ft in 2024. The overall change from 2012 to 2024 is an increase of 8%.

What are the guideline values of other streets in Madhavaram?

Other streets in Madhavaram have varying guideline values, with some streets like Sarathy Nagar, Lakshmipuram having a guideline value of Rs 2,200 per sq.ft in 2024, which is significantly higher than that of Saravana Nagar.

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

For a property valued at Rs 13,00,000 in Saravana Nagar, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Saravana Nagar located?

The Sub Registrar Office for Saravana Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles property registrations in the area.