Guideline Value for Sarvamangala Nagar Main Road

Sarvamangala Nagar Main Road guideline value

The current guideline value of Sarvamangala Nagar Main Road is Rs 2,750 per sq.ft, effective from 1 July 2024. This road is located in Chitlapakkam village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Sarvamangala Nagar Main Road has changed

The guideline value for Sarvamangala Nagar Main Road has seen several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was then reduced to Rs 1,675 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,500 per sq.ft in the 2023 revision, and finally rose to Rs 2,750 per sq.ft in the 2024 revision, marking a 10% increase from the previous year. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, there was a substantial increase of 49% from 2017 to 2023. Overall, the guideline value increased by 10% from 2012 to 2024, reflecting the fluctuations in the property market over the years.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, indicating that Sarvamangala Nagar Main Road's 2024 figure is above this median.

• Sarvamangala Nagar Ist Street: Rs 2,750 per sq.ft (2024)
• Sarvamangala Nagar 9th Street: Rs 2,750 per sq.ft (2024)
• Sarvamangala Nagar 8th Street: Rs 2,750 per sq.ft (2024)
• Sarvamangala Nagar 8th Cross Street: Rs 2,750 per sq.ft (2024)
• Sarvamangala Nagar 7th Street: Rs 2,750 per sq.ft (2024)
• Sarvamangala Nagar 6th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Sarvamangala Nagar Main Road

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the 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, totaling Rs 2,47,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sarvamangala Nagar Main Road?

The Sarvamangala Nagar Main Road 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. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Chitlapakkam, as it determines the minimum price at which properties can be registered. Buyers and sellers must consider the guideline value when negotiating sale prices to ensure compliance with local regulations.

During the registration process, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Sarvamangala Nagar Main Road?

The current guideline value of Sarvamangala Nagar Main Road 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 2012 to Rs 1,675 per sq.ft in 2017, then to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

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 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which office handles registrations for Sarvamangala Nagar Main Road?

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

What is the median guideline value for streets in Chitlapakkam?

The median guideline value for streets in Chitlapakkam is Rs 1,650 per sq.ft, with Sarvamangala Nagar Main Road's value being above this median.