Guideline Value for Sarvamangala Nagar 2nd Street

Sarvamangala Nagar 2nd Street guideline value

The current guideline value of Sarvamangala Nagar 2nd Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village, under the Tambaram Joint 1 SRO, and is classified as Residential Class I Type - II.

How the guideline value of Sarvamangala Nagar 2nd Street has changed

Over the years, the guideline value for Sarvamangala Nagar 2nd Street has undergone several revisions. The 2012 revision set the value at Rs 2,500 per sq.ft, which was a decrease of 33% from the 2017 revision of Rs 1,675 per sq.ft. However, the value increased significantly to Rs 2,500 per sq.ft in 2023 and further rose to Rs 2,750 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2012 to 2024, the overall change in guideline value is an increase of 10%. The revisions for the years 2002, 2003, and 2007 do not have any figures recorded for this street in the register.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, making the current value of Sarvamangala Nagar 2nd Street above this median.

• Sarvamangala Nagar 3rd Street: Rs 2,750 per sq.ft (2024)
• Sarvamangala Nagar 4th Street: Rs 2,750 per sq.ft (2024)
• Sarvamangala Nagar 5th Street: Rs 2,750 per sq.ft (2024)
• Sarvamangala Nagar 6th Street: Rs 2,750 per sq.ft (2024)
• Sarvamangala Nagar 7th Street: Rs 2,750 per sq.ft (2024)
• Sarvamangala Nagar 8th Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Sarvamangala Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sarvamangala Nagar 2nd Street?

The Sub Registrar Office that covers Sarvamangala Nagar 2nd Street is 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 information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Chitlapakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the authorities.

When a property is registered, the higher value between the guideline value and the sale price is used to determine the applicable duties. This ensures that the government collects appropriate fees based on the property's worth.

Frequently asked questions

What is the current guideline value of Sarvamangala Nagar 2nd Street?

The current guideline value of Sarvamangala Nagar 2nd Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024, marking a 10% increase. The value has also seen significant changes from previous years, including a rise from Rs 1,675 per sq.ft in 2017 to Rs 2,500 per sq.ft in 2023.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 at 7%, and the registration fee would be Rs 55,000 at 2%, totaling Rs 2,47,500. These fees are calculated based on the higher of the guideline value or the sale price.

Which office handles the registration for Sarvamangala Nagar 2nd Street?

The Tambaram Joint 1 Sub Registrar Office handles registrations for Sarvamangala Nagar 2nd Street. It is located at No.26, Mes Road, East Tambaram, Chennai-600059.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It provides a standardized value that helps ensure fair assessment and collection of fees by the government.