Guideline Value for Selvaraj Nagar

Selvaraj Nagar guideline value

The current guideline value of Selvaraj Nagar is Rs 550 per sq.ft, effective from 1 July 2024. This locality is situated in Alamathi village, under the Redhills Sub Registrar Office (SRO). The land classification for this area is Residential Class II Type - I.

How the guideline value of Selvaraj Nagar has changed

The guideline value for Selvaraj Nagar has seen several revisions over the years. Starting from Rs 20 per sq.ft in 2003, the value increased significantly to Rs 200 per sq.ft in 2007, marking a rise of 900%. In 2012, the value was revised to Rs 500 per sq.ft, reflecting a 150% increase. However, it then decreased to Rs 335 per sq.ft in 2017, which was a drop of 33%. The value climbed to Rs 500 per sq.ft in 2023, and now stands at Rs 550 per sq.ft in 2024, representing a 10% increase from the previous year.

It is important to note that there is no figure available for the year 2002 in the register for this street. Overall, from 2003 to 2024, the guideline value has increased by 2650%.

Guideline values in Alamathi

In Alamathi, there are 54 streets under the Redhills SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 1,100 per sq.ft. The median value is Rs 550 per sq.ft, which is equal to the current guideline value of Selvaraj Nagar. Below are the guideline values for other streets in Alamathi:

• School Street: Rs 990 per sq.ft (2024)
• Sivanthi Athithanar Road: Rs 550 per sq.ft (2024)
• Sakthi Nagar: Rs 550 per sq.ft (2024)
• Sakthi Garden: Rs 770 per sq.ft (2024)
• Sri Balaji Garden: Rs 550 per sq.ft (2024)
• Sri Gomathi Amman Nagar: Rs 770 per sq.ft (2024)

Stamp duty and registration fee for property in Selvaraj Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value would be Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total cost for these fees to Rs 49,500. 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 Selvaraj Nagar?

The Sub Registrar Office that covers Selvaraj Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during property transactions in Alamathi. It serves as a benchmark for determining the minimum value of a property, which is essential for calculating stamp duty and registration fees. Buyers and sellers must consider this value to ensure compliance with legal requirements during the registration process.

When a property is sold, the guideline value is used to assess the applicable taxes, ensuring that both parties are aware of the financial implications. This helps in maintaining transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value of Selvaraj Nagar?

The current guideline value of Selvaraj Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 20 per sq.ft in 2003 to Rs 550 per sq.ft in 2024, reflecting an overall increase of 2650% over the years.

What is the land classification for Selvaraj Nagar?

Selvaraj Nagar is classified as Residential Class II Type - I, indicating its designation for residential purposes.

Where can I find the Sub Registrar Office for Selvaraj Nagar?

The Sub Registrar Office for Selvaraj Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated in Selvaraj Nagar?

Stamp duty in Selvaraj Nagar is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the current rate, the total stamp duty would be Rs 38,500.