Guideline Value for Sivakami Nagar

Sivakami Nagar guideline value

The current guideline value of Sivakami Nagar is Rs 2,970 per sq.ft, effective from 1 July 2024. This locality is situated in Mogalivakkam village, under the Kunrathur Sub Registrar Office (SRO). The land classification for this area is Residential Special Type - I.

How the guideline value of Sivakami Nagar has changed

The guideline value for Sivakami Nagar has seen several revisions over the years. In 2007, the guideline value was Rs 600 per sq.ft, which increased significantly to Rs 2,700 per sq.ft in 2012, marking a rise of 350%. However, from 2012 to 2017, the value decreased to Rs 1,809 per sq.ft, reflecting a drop of 33%. The subsequent revision in 2017 raised the value to Rs 2,700 per sq.ft in 2023, a notable increase of 49%. The most recent revision in 2024 set the value at Rs 2,970 per sq.ft, showing a 10% increase from the previous year.

It is important to note that the register does not have figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 395%.

Guideline values in Mogalivakkam

In Mogalivakkam, there are 98 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 2,530 to Rs 6,600 per sq.ft. The median value for these streets is Rs 2,970 per sq.ft, which is equal to the guideline value of Sivakami Nagar.

• Sri Balaji Nagar: Rs 2,970 per sq.ft (2024)
• Sri Bhagavathi Avenue: Rs 2,860 per sq.ft (2024)
• Selvalakshmi Nagar: Rs 2,970 per sq.ft (2024)
• Selvalakshmi Garden: Rs 2,970 per sq.ft (2024)
• Selva Ganapathi Nagar: Rs 2,970 per sq.ft (2024)
• Sekar Avenue Stage I & II: Rs 2,970 per sq.ft (2024)

Stamp duty and registration fee for property in Sivakami Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value would be Rs 29,70,000. The stamp duty at 7% would amount to Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, bringing the total fees together to Rs 2,67,300. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sivakami Nagar?

The Sub Registrar Office that covers Sivakami Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mogalivakkam. It is used to determine the stamp duty and registration fees payable at the time of registration. Buyers should be aware that the guideline value is set by the government and can vary based on the location and type of property.

When a property is sold, the buyer must ensure that the sale price is either equal to or above the guideline value, as the higher amount will be used for calculating applicable duties. This ensures that the government receives the correct amount of revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sivakami Nagar?

The current guideline value of Sivakami Nagar is Rs 2,970 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 2,970 per sq.ft in 2024, marking an overall increase of 395% over the years.

What are the stamp duty and registration fees in Sivakami Nagar?

For a property valued at Rs 29,70,000, the stamp duty would be Rs 2,07,900 and the registration fee would be Rs 59,400, totaling Rs 2,67,300.

Which office handles registrations in Sivakami Nagar?

The Kunrathur Sub Registrar Office handles registrations in Sivakami Nagar, located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is the guideline value determined?

The guideline value is determined by the government and is based on various factors, including land classification and locality. It is revised periodically to reflect changes in the market.