Guideline Value for Sivasakthi Nagar 8th Street

Sivasakthi Nagar 8th Street guideline value

The current guideline value of Sivasakthi Nagar 8th Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village under the Sembiam SRO, classified as Residential Class I Type - I.

How the guideline value of Sivasakthi Nagar 8th Street has changed

The guideline value for Sivasakthi Nagar 8th Street has undergone several revisions over the years. The earliest recorded revision was in 2007, with a guideline value of Rs 700 per sq.ft. This figure increased significantly to Rs 3,000 per sq.ft in 2012, reflecting a rise of 329%. However, it then decreased to Rs 2,010 per sq.ft in 2017, marking a reduction of 33%. The value saw a substantial increase again, reaching Rs 3,000 per sq.ft in 2023, which was a 49% rise from the previous revision. The latest revision in 2024 has set the guideline value at Rs 3,300 per sq.ft, a 10% increase from 2023.

The register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 371%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median guideline value for this area is Rs 3,300 per sq.ft, which is the same as the current rate for Sivasakthi Nagar 8th Street.

• Sivasakthi Nagar 7th Street: Rs 3,300 per sq.ft (2024)
• Sivasakthi Nagar 9th Street: Rs 3,300 per sq.ft (2024)
• Sivasakthi Nagar 6th Street: Rs 3,300 per sq.ft (2024)
• Sivasakthi Nagar Extension: Rs 3,300 per sq.ft (2024)
• Sivasakthi Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• Sivasakthi Nagar 4th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sivasakthi Nagar 8th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total fees to Rs 2,97,000. 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 Sivasakthi Nagar 8th Street?

The Sivasakthi Nagar 8th Street falls under the jurisdiction of the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for further assistance.

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

The guideline value plays a crucial role during the property registration process in Kolathur. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when buying or selling property in the area.

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

Frequently asked questions

What is the current guideline value of Sivasakthi Nagar 8th Street?

The current guideline value of Sivasakthi Nagar 8th Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting a total increase of 371% over the years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles property registrations for Sivasakthi Nagar 8th Street?

The Sembiam Sub Registrar Office handles property registrations for Sivasakthi Nagar 8th Street, located at 5, Papermills Road, Sembiam, Chennai - 600011.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions, ensuring that the appropriate revenue is collected based on the property's value.