Guideline Value for Saravanan Nagar

Saravanan Nagar guideline value

The current guideline value of Saravanan Nagar is Rs 300 per sq.ft, effective from 1 July 2024. This street is located in Salamangalam village under the Sriperumpudur SRO, classified as Residential Class II Type - I.

How the guideline value of Saravanan Nagar has changed

The guideline value for Saravanan Nagar has undergone several revisions over the years. In 2007, the guideline value was Rs 31 per sq.ft, which increased significantly to Rs 300 per sq.ft in 2012. However, this value remained unchanged until the 2017 revision, which saw an increase to Rs 201 per sq.ft. The 2023 revision maintained the value at Rs 300 per sq.ft, and the upcoming 2024 revision will also keep it at Rs 300 per sq.ft. 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 868%. The changes between the revisions include a 49% increase from 2017 to 2023, a 33% decrease from 2012 to 2017, and a remarkable 868% increase from 2007 to 2012.

Guideline values in Salamangalam

In Salamangalam village, there are 59 streets under the Sriperumpudur SRO with a 2024 guideline value ranging from Rs 200 to Rs 3,100 per sq.ft, with a median value of Rs 500 per sq.ft. The guideline value for Saravanan Nagar is below this median.

• Sakthi Nagar: Rs 400 per sq.ft (2024)
• Sai Krithika Garden: Rs 469 per sq.ft (2024)
• Ramesh Garden: Rs 400 per sq.ft (2024)
• Ramakrishna Nagar: Rs 300 per sq.ft (2024)
• Sri Balaji Avenue: Rs 1,500 per sq.ft (2024)
• Sri Durgai Sidhar Nagar: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Saravanan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 300 per sq.ft, the total guideline value would be Rs 3,00,000. The stamp duty at 7% would amount to Rs 21,000, and the registration fee at 2% would be Rs 6,000, making the total cost for these fees Rs 27,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Saravanan Nagar?

The Sub Registrar Office that covers Saravanan Nagar is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Salamangalam. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Ensuring that the guideline value is accurately reflected in the transaction is essential for compliance with local regulations.

When you register a property, the guideline value is compared to the sale price. The stamp duty is charged based on the higher of the two values, ensuring that the appropriate fees are collected for the transaction. This process helps maintain transparency and fairness in property dealings.

Frequently asked questions

What is the current guideline value of Saravanan Nagar?

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

How has the guideline value changed over the years?

The guideline value has seen several revisions, starting from Rs 31 per sq.ft in 2007 to Rs 300 per sq.ft in 2012. It remained at Rs 300 per sq.ft until the 2017 revision, which set it at Rs 201 per sq.ft, before returning to Rs 300 per sq.ft in 2023 and 2024.

What is the land classification of Saravanan Nagar?

Saravanan Nagar is classified as Residential Class II Type - I, indicating its intended use for residential purposes.

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

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, a 1,000 sq.ft plot at the current rate has a total fee of Rs 27,000.

Which office handles registrations for Saravanan Nagar?

The Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone, handles registrations for Saravanan Nagar.