Guideline Value for Singara Nagar

Singara Nagar guideline value

The current guideline value of Singara 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 Singara Nagar has changed

The guideline value for Singara Nagar has seen several revisions over the years. In 2007, the guideline value was Rs 120 per sq.ft, which increased significantly to Rs 1,000 per sq.ft in 2012, marking a rise of 733%. However, from 2012 to 2017, the value decreased to Rs 670 per sq.ft, reflecting a drop of 33%. The value then increased to Rs 1,000 per sq.ft in 2023, and further rose to Rs 1,100 per sq.ft in 2024, which is a 10% increase from the previous year. Notably, there are no figures available for the years 2002 and 2003 for this street.

Overall, from 2007 to 2024, the guideline value has increased by 817%. The revisions showcase a fluctuating trend, with significant changes particularly noted between 2007 and 2012, and then a consistent rise thereafter.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO with a 2024 guideline value range from Rs 880 to Rs 4,100 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, positioning Singara Nagar's 2024 value below the median.

• Singaravelan Nagar: Rs 1,650 per sq.ft (2024)
• Silvermist Avenue: Rs 1,650 per sq.ft (2024)
• Sivagami Nagar: Rs 990 per sq.ft (2024)
• Shriram Nagar Extension: Rs 1,650 per sq.ft (2024)
• Shri Kishanlal Avenue: Rs 3,300 per sq.ft (2024)
• Shobha Queens Land: Rs 2,960 per sq.ft (2024)

Stamp duty and registration fee for property in Singara Nagar

For a 1,000 sq.ft plot at the current rate of Rs 1,100 per sq.ft, the guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. 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 Singara Nagar?

Singara Nagar falls under the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. To find your SRO, you can visit find your SRO.

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 serves as a benchmark for determining the minimum value at which properties can be registered. When a buyer or seller agrees on a sale price, the guideline value is used to calculate the applicable stamp duty and registration fees.

During the registration process, the authorities will assess the guideline value to ensure that the transaction is compliant with local regulations. If the sale price exceeds the guideline value, the higher amount will be used to calculate the fees, ensuring transparency and fairness in property dealings.

Frequently asked questions

What is the current guideline value of Singara Nagar?

The current guideline value of Singara 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 from Rs 120 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, reflecting an overall increase of 817% over the years.

What is the land classification of Singara Nagar?

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

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

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

How is stamp duty calculated for properties in Singara Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 at 7%, plus a registration fee of Rs 22,000 at 2%, totaling Rs 99,000.