Guideline Value for Saravanan Nagar

Saravanan Nagar guideline value

The current guideline value of Saravanan Nagar, located in Vilangadupakkam village under the Redhills SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Saravanan Nagar has changed

Over the years, the guideline value for Saravanan Nagar has seen several revisions. The 2012 revision set the value at Rs 500 per sq.ft, which was then reduced to Rs 335 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 500 per sq.ft in 2023, and then further to Rs 550 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2012 revision to the 2024 revision, there has been a 10% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Vilangadupakkam

In Vilangadupakkam, there are 160 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 365 to Rs 1,792 per sq.ft. The median value for these streets is Rs 440 per sq.ft, making Saravanan Nagar's 2024 figure of Rs 550 per sq.ft above the median.

• Saraswathi Nagar: Rs 550 per sq.ft (2024)
• Sapthagirivasa Nagar II: Rs 440 per sq.ft (2024)
• Sapthagirivasa Nagar: Rs 440 per sq.ft (2024)
• Sangeetha Nagar: Rs 770 per sq.ft (2024)
• Selvaganapathy Street: Rs 440 per sq.ft (2024)
• Sakthi Nagar: Rs 440 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 550 per sq.ft, the total guideline value would be Rs 5,50,000. The stamp duty at 7% would amount to Rs 38,500, while the registration fee at 2% would be Rs 11,000, bringing the total to Rs 49,500. 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 Saravanan Nagar?

The Sub Registrar Office that covers Saravanan Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Vilangadupakkam. It is used to determine the stamp duty and registration fees that must be paid, ensuring that the transaction is recorded accurately in government records.

When buying or selling property, the guideline value serves as a benchmark for the minimum value of the property, which is essential for legal documentation and taxation purposes. Buyers should be aware of the guideline value to understand their financial obligations during the property transaction process.

Frequently asked questions

What is the current guideline value of Saravanan Nagar?

The current guideline value of Saravanan Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024.

What is the land classification of Saravanan Nagar?

Saravanan Nagar is classified as Residential Class II Type - I.

What is the registration office for Saravanan Nagar?

The registration office for Saravanan Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the stamp duty calculated for property in Saravanan Nagar?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 38,500.