Guideline Value for Silvar Nagar

Silvar Nagar guideline value

The current guideline value of Silvar Nagar, located in Payasampakkam village under the Redhills SRO, is Rs 440 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Silvar Nagar has changed

Over the years, the guideline value of Silvar Nagar has seen several revisions. The register shows that in 2007, the value was Rs 300 per sq.ft, which increased to Rs 400 per sq.ft in 2012. However, it then dropped to Rs 268 per sq.ft in 2017. The 2023 revision marked a significant increase to Rs 400 per sq.ft, followed by the latest revision in 2024, which set the value at Rs 440 per sq.ft.

From 2017 to 2023, there was a notable increase of 49%, and from 2023 to 2024, the guideline value rose by 10%. Overall, from 2007 to 2024, the value has increased by 47%. The revisions for the years 2002 and 2003 do not have figures recorded for this street.

Guideline values in Payasampakkam

In Payasampakkam, there are 20 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 660 per sq.ft, with a median value of Rs 550 per sq.ft. Silvar Nagar's 2024 figure is below this median.

• Subash Nagar Annex: Rs 440 per sq.ft (2024)
• Subash Nagar Annex II: Rs 550 per sq.ft (2024)
• Subhash Nagar: Rs 440 per sq.ft (2024)
• TamilNadu Dyes & Chemicals Merchants Association: Rs 660 per sq.ft (2024)
• Thirumugan Nagar: Rs 440 per sq.ft (2024)
• Thirupathi Nagar: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Silvar Nagar

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 4,40,000. The stamp duty at 7% amounts to Rs 30,800, and the registration fee at 2% is Rs 8,800, totaling Rs 39,600. It is important to note that 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 further calculations.

Which Sub Registrar Office covers Silvar Nagar?

The Sub Registrar Office that covers Silvar Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Payasampakkam. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property in the area. The guideline value serves as a benchmark for these fees, ensuring that they are calculated based on a standardized value.

When a property is sold, the seller and buyer must consider the guideline value to ascertain the appropriate fees. This value is essential for legal documentation and ensures compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Silvar Nagar?

The current guideline value of Silvar Nagar is Rs 440 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 440 per sq.ft in 2024, with various revisions in between, including a drop to Rs 268 per sq.ft in 2017.

What is the land classification for Silvar Nagar?

The land classification for Silvar Nagar is Residential Class II Type - I.

What are the stamp duty and registration fees for property in Silvar Nagar?

For a property valued at Rs 4,40,000, the stamp duty is Rs 30,800 and the registration fee is Rs 8,800, totaling Rs 39,600.

Which office handles property registration in Silvar Nagar?

The Redhills Sub Registrar Office handles property registration for Silvar Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.