Guideline Value for Selva Nagar

Selva Nagar guideline value

The current guideline value of Selva Nagar, located in Varadarajapuram village under the Padappai SRO, is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Selva Nagar has changed

Over the years, the guideline value of Selva Nagar has seen significant changes. In 2007, the value was Rs 120 per sq.ft, which increased dramatically to Rs 1,000 per sq.ft in 2012, marking a rise of 733%. However, between 2012 and 2017, the value decreased to Rs 670 per sq.ft, a decline of 33%. The value then rose again to Rs 1,000 per sq.ft in 2023, and as of the 2024 revision, it stands at Rs 1,100 per sq.ft, reflecting a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has risen by 817%. It is important to note that there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 4,100 per sq.ft, with a median value of Rs 1,650 per sq.ft. The guideline value for Selva Nagar is below this median.

• Selva Nagar - Annai Illam: Rs 2,300 per sq.ft (2024)
• Selva Nagar Extn: Rs 1,650 per sq.ft (2024)
• Senthil Nagar: Rs 1,650 per sq.ft (2024)
• Senthil Nagar Extension: Rs 1,650 per sq.ft (2024)
• Senthil Nagar Extn: Rs 1,650 per sq.ft (2024)
• Senthil Nagar @ Shri Lakshmi Narashimhar Avenue: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Selva Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total fees together to Rs 99,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Selva Nagar?

Selva Nagar falls under the jurisdiction of the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Varadarajapuram. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees. Buyers and sellers must consider this value when negotiating sale prices.

During the registration process, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial implications of the transaction, as the duty is charged on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Selva Nagar?

The current guideline value of Selva Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 120 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, marking an overall increase of 817%.

What is the land classification of Selva Nagar?

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

What are the stamp duty rates for properties in Selva Nagar?

The stamp duty for properties in Selva Nagar is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where is the Padappai Sub Registrar Office located?

The Padappai Sub Registrar Office is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.