Guideline Value for Saroja Nagar Phase-I

Saroja Nagar Phase-I guideline value

The current guideline value of Saroja Nagar Phase-I in Erivakkam village is Rs 250 per sq.ft, effective from 1 July 2024. This area falls under the Gooduvancheri SRO and is classified as Residential Class I Type - I.

How the guideline value of Saroja Nagar Phase-I has changed

In the 2012 revision, the guideline value was set at Rs 250 per sq.ft. This remained unchanged until the 2017 revision, where it decreased to Rs 167 per sq.ft, marking a 33% drop. However, the value increased to Rs 250 per sq.ft in the 2023 revision, maintaining the same figure in the 2024 revision, resulting in a 50% increase from the 2017 figure. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Erivakkam

In Erivakkam, there are 19 streets under the Gooduvancheri SRO that carry a 2024 guideline value, ranging from Rs 200 to Rs 2,000 per sq.ft. The median value for these streets is Rs 400 per sq.ft, placing Saroja Nagar Phase-I's 2024 figure below that median.

• Sai Lakshmi Township: Rs 500 per sq.ft (2024)
• Purushothaman Nagar: Rs 200 per sq.ft (2024)
• Priyadharshini Nagar: Rs 250 per sq.ft (2024)
• Sri Saibaba Nagar: Rs 300 per sq.ft (2024)
• Thiru Balaji Avenue: Rs 300 per sq.ft (2024)
• Thirumala Nagar: Rs 400 per sq.ft (2024)

Stamp duty and registration fee for property in Saroja Nagar Phase-I

For a 1,000 sq.ft plot at the current guideline value of Rs 250 per sq.ft, the total guideline value amounts to Rs 2,50,000. The stamp duty at 7% would be Rs 17,500, and the registration fee at 2% would be Rs 5,000, bringing the total fees to Rs 22,500. 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 Saroja Nagar Phase-I?

The Saroja Nagar Phase-I area is covered by the Gooduvancheri Sub Registrar Office located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration of property transactions in Erivakkam. It serves as the basis for calculating stamp duty and registration fees, ensuring that these costs are aligned with the official valuation of the property.

When buying or selling property, the guideline value helps establish a transparent and standardized pricing mechanism. It is essential for both buyers and sellers to be aware of the guideline value to understand their financial obligations during the transaction.

Frequently asked questions

What is the current guideline value of Saroja Nagar Phase-I?

The current guideline value of Saroja Nagar Phase-I is Rs 250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, with the 2012 revision set at Rs 250 per sq.ft, dropping to Rs 167 per sq.ft in 2017, before rising back to Rs 250 per sq.ft in 2023 and remaining the same in 2024.

What is the classification of the land in Saroja Nagar Phase-I?

Saroja Nagar Phase-I is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the SRO for Saroja Nagar Phase-I?

The Gooduvancheri Sub Registrar Office covers Saroja Nagar Phase-I, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

How is stamp duty calculated for properties in Saroja Nagar Phase-I?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 2,50,000, the stamp duty would be Rs 17,500.