Guideline Value for Sarma nagar 1st street

Sarma nagar 1st street guideline value

The current guideline value of Sarma nagar 1st street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village under the Tambaram Joint 1 SRO, with a land classification of Residential Special Type - I.

How the guideline value of Sarma nagar 1st street has changed

In the 2012 revision, the guideline value was Rs 4,000 per sq.ft. It then decreased to Rs 2,680 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 4,000 per sq.ft, reflecting a rise of 49%. The latest revision in 2024 has set the guideline value at Rs 4,400 per sq.ft, which is a 10% increase from the previous year’s value of Rs 4,000 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 1,650 per sq.ft, indicating that Sarma nagar 1st street's 2024 figure is above this median.

• Sarmaingala Nagar 2nd Santhu: Rs 2,750 per sq.ft (2024)
• Sarma Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Sarmaingala Nagar 1st Santhu: Rs 2,750 per sq.ft (2024)
• Sarma Nagar 3rd Street: Rs 4,400 per sq.ft (2024)
• Sarvamangala Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Sarvamangala Nagar 3rd Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Sarma nagar 1st street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, these fees would total Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Sarma nagar 1st street?

The Sarma nagar 1st street is covered by the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Chitlapakkam. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sarma nagar 1st street?

The current guideline value of Sarma nagar 1st street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, and then back to Rs 4,000 per sq.ft in 2023. The latest revision in 2024 set it at Rs 4,400 per sq.ft.

What is the land classification for Sarma nagar 1st street?

The land classification for Sarma nagar 1st street is Residential Special Type - I, indicating its suitability for residential purposes.

Where can I find the Tambaram Joint 1 Sub Registrar Office?

The Tambaram Joint 1 Sub Registrar Office is located at No.26, Mes Road, East Tambaram, Chennai-600059, within the Chengalpattu registration zone.

How is the stamp duty calculated for properties in Sarma nagar 1st street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate has a guideline value of Rs 44,00,000, leading to a total stamp duty of Rs 3,08,000.