Guideline Value for Sri Baba Nagar

Sri Baba Nagar guideline value

The current guideline value for Sri Baba Nagar, located in Chembakkam village under the Selaiyur SRO, is Rs 850 per sq.ft. This value is effective from 1 July 2024. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Sri Baba Nagar has changed

The guideline value for Sri Baba Nagar has undergone several revisions over the years. The 2007 revision set the value at Rs 450 per sq.ft, which increased to Rs 700 per sq.ft in 2012. However, there was a significant drop to Rs 469 per sq.ft in 2017. Following this, the value saw a substantial rise to Rs 800 per sq.ft in 2023, and the most recent revision in 2024 set it at Rs 850 per sq.ft, marking a 6% increase from the previous year.

From 2017 to 2023, the increase was notable at 71%. The value fluctuated from 2012 to 2017 with a decrease of 33%, while the rise from 2007 to 2012 was 56%. Overall, from 2007 to 2024, the guideline value has increased by 89%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 6,700 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for Sri Baba Nagar is below this median.

• Sri Devi Nagar: Rs 1,100 per sq.ft (2024)
• South Street 8th Street: Rs 2,200 per sq.ft (2024)
• South Street 7th Street: Rs 2,200 per sq.ft (2024)
• South Street 6th Street: Rs 2,200 per sq.ft (2024)
• South Street 5th Street: Rs 2,200 per sq.ft (2024)
• South Street 4th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Baba Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 850 per sq.ft, the total guideline value would be Rs 8,50,000. The stamp duty at 7% would amount to Rs 59,500, while the registration fee at 2% would be Rs 17,000, bringing the total to Rs 76,500. Please 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 Sri Baba Nagar?

Sri Baba Nagar falls under the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process of property transactions in Chembakkam. It serves as a benchmark for determining the stamp duty and registration fees that are applicable during the sale or purchase of property.

When a property is registered, the guideline value is used to calculate the necessary fees, ensuring that the transaction is recorded accurately in accordance with government regulations. This value helps maintain transparency in property dealings within the region.

Frequently asked questions

What is the current guideline value of Sri Baba Nagar?

The current guideline value of Sri Baba Nagar is Rs 850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most recent increase of 6% from Rs 800 per sq.ft in 2023 to Rs 850 per sq.ft in 2024. The value has increased overall by 89% from Rs 450 per sq.ft in 2007 to the current rate.

What is the land classification for Sri Baba Nagar?

Sri Baba Nagar is classified as Residential Class IV Type - II. This classification indicates the type of development and usage permitted in the area.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073. This office handles registrations for properties in Sri Baba Nagar.

How is the stamp duty calculated for properties in Sri Baba Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 8,50,000 would incur a stamp duty of Rs 59,500 at a rate of 7%.