Guideline Value for Sarvamangala Nagar 3rd Street

Sarvamangala Nagar 3rd Street guideline value

The current guideline value of Sarvamangala Nagar 3rd 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 3rd Street has changed

Over the years, the guideline value of Sarvamangala Nagar 3rd Street has seen several revisions. The 2012 revision set the value at Rs 2,500 per sq.ft, which was a decrease of 33% from the previous figure of Rs 1,675 per sq.ft in 2017. The next revision in 2023 increased the value to Rs 2,500 per sq.ft, and the most recent 2024 revision raised it to Rs 2,750 per sq.ft, marking a 10% increase from the previous year.

There are no recorded figures for the revisions in 2002, 2003, and 2007 for this street. The overall change from the 2012 revision to the 2024 revision is an increase of 10%.

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, placing Sarvamangala Nagar 3rd Street's 2024 figure above that median.

• Sarvamangala Nagar 2nd 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 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost to Rs 2,47,500. 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 Sarvamangala Nagar 3rd Street?

The Sarvamangala Nagar 3rd Street falls under 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 an important factor in the registration process when buying or selling property in Chitlapakkam. It serves as a base value for calculating stamp duty and registration fees, ensuring that the transaction is recorded at a fair value as determined by the local government.

When a property is sold, the buyer and seller must consider the guideline value to understand the financial implications of the transaction. This ensures compliance with local regulations and helps in accurately assessing the costs involved in the property transfer.

Frequently asked questions

What is the current guideline value of Sarvamangala Nagar 3rd Street?

The current guideline value of Sarvamangala Nagar 3rd 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, which is a 10% increase. It was Rs 2,500 per sq.ft in 2012, decreased to Rs 1,675 per sq.ft in 2017, and then increased to Rs 2,500 per sq.ft in 2023.

What is the land classification for Sarvamangala Nagar 3rd Street?

Sarvamangala Nagar 3rd Street is classified as Residential Class I Type - II, indicating its suitability for residential development.

Which office handles registrations for this area?

The Tambaram Joint 1 Sub Registrar Office handles registrations for Sarvamangala Nagar 3rd Street, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, on a property valued at Rs 27,50,000, the stamp duty at 7% would amount to Rs 1,92,500.