Guideline Value for Sitco Nagar

Sitco Nagar guideline value

The current guideline value of Sitco Nagar, located in Adambakkam village under the Alandur SRO, is Rs 3,900 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - III land classification.

How the guideline value of Sitco Nagar has changed

The guideline value for Sitco Nagar has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 287 per sq.ft. It increased to Rs 650 per sq.ft in 2003, marking a change of +126%. The value continued to rise significantly, reaching Rs 900 per sq.ft in 2007, which was a +38% increase. The next revision in 2012 saw the value drop to Rs 3,500 per sq.ft, a decrease of -289%. However, the value rebounded in 2017 to Rs 2,345 per sq.ft, reflecting a +49% increase. The 2023 revision set the value at Rs 3,500 per sq.ft, and the latest revision in 2024 has increased it to Rs 3,900 per sq.ft, which is an increase of +11%.

Overall, from 2002 to 2024, the guideline value has increased by +1259%. There are no figures available for the revisions prior to 2002 or for any years not mentioned in the register.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, which is equal to the current guideline value of Sitco Nagar.

• Sivaji Nagar: Rs 3,900 per sq.ft (2024)
• South Inner ring road (MRTS 100 Feet Road): Rs 3,900 per sq.ft (2024)
• South Main 2nd Street: Rs 2,800 per sq.ft (2024)
• South Main 3rd Street: Rs 2,800 per sq.ft (2024)
• South Main First Street: Rs 3,900 per sq.ft (2024)
• South Main Road 1st Lane: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Sitco Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total to Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sitco Nagar?

The Sub Registrar Office that covers Sitco Nagar is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Adambakkam. It is used to determine the stamp duty and registration fees that must be paid at the time of registration. Buyers should be aware that the guideline value may influence the overall cost of the transaction.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate fees based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Sitco Nagar?

The current guideline value of Sitco Nagar is Rs 3,900 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 287 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, an overall increase of +1259%.

What is the land classification of Sitco Nagar?

Sitco Nagar is classified as Residential Class I Type - III, which indicates its designated use for residential purposes.

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

For a property valued at Rs 39,00,000, the stamp duty would be Rs 2,73,000 and the registration fee would be Rs 78,000, totaling Rs 3,51,000.

Where is the Sub Registrar Office for Sitco Nagar located?

The Alandur Sub Registrar Office, which covers Sitco Nagar, is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.