Guideline Value for Shrinivasa nagar

Shrinivasa nagar guideline value

The current guideline value of Shrinivasa nagar is Rs 550 per sq.ft, effective from 1 July 2024. This area is located in Udaiyavarkoil village under the Poonamallee SRO, classified as Residential Class II Type - I.

How the guideline value of Shrinivasa nagar has changed

Over the years, the guideline value of Shrinivasa nagar has seen significant changes. The earliest recorded revision was in 2003, with a guideline value of Rs 36 per sq.ft. This increased to Rs 100 per sq.ft in 2007, followed by a substantial rise to Rs 500 per sq.ft in 2012. However, between 2012 and 2017, the value decreased to Rs 335 per sq.ft. The value then increased to Rs 500 per sq.ft in 2023, before reaching the current figure of Rs 550 per sq.ft in 2024.

In summary, the changes between revisions are as follows: from 2003 to 2007, the value increased by +178%; from 2007 to 2012, it rose by +400%; then it dropped by -33% from 2012 to 2017; it increased by +49% from 2017 to 2023; and finally, it rose by +10% from 2023 to 2024. The overall increase from 2003 to 2024 is +1428%. The register has no figure for the year 2002 for this street.

Guideline values in Udaiyavarkoil

In Udaiyavarkoil village, there are 35 streets under the Poonamallee SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 3,400 per sq.ft. The median guideline value for these streets is Rs 550 per sq.ft, which is equal to the current value of Shrinivasa nagar.

• Shri Padmavathy nagar: Rs 550 per sq.ft (2024)
• Shanmugapuram 1st Street: Rs 550 per sq.ft (2024)
• Sri Athivinayagar Avenue 214, 217, 218, 219, 220, 221, 222, 223, 224, 225, 226, 228, 230, 216: Rs 550 per sq.ft (2024)
• Sannathi Street: Rs 550 per sq.ft (2024)
• Sababathy Mudaliar street: Rs 550 per sq.ft (2024)
• R.K Avenue: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Shrinivasa 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 amount to Rs 38,500, while the registration fee at 2% would be Rs 11,000, totaling Rs 49,500. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shrinivasa nagar?

Shrinivasa nagar falls under the jurisdiction of the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Udaiyavarkoil. It serves as a benchmark for determining the minimum value of a property for the purpose of calculating stamp duty and registration fees. Buyers and sellers must be aware that the guideline value is a key factor in the legal documentation of property sales.

When a property is bought or sold, the guideline value ensures that the transaction is recorded accurately and fairly. It helps in preventing undervaluation of properties, thereby safeguarding the interests of both the buyer and the seller during the registration process.

Frequently asked questions

What is the current guideline value of Shrinivasa nagar?

The current guideline value of Shrinivasa 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 significantly from Rs 36 per sq.ft in 2003 to Rs 550 per sq.ft in 2024, showing an overall increase of +1428% over the years.

What are the stamp duty rates applicable for property in Shrinivasa nagar?

The stamp duty for property in Shrinivasa nagar is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Shrinivasa nagar?

The Sub Registrar Office covering Shrinivasa nagar is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056.

What is the land classification for Shrinivasa nagar?

Shrinivasa nagar is classified as Residential Class II Type - I, indicating its suitability for residential purposes.