Guideline Value for Sri Chengalamman Garden

Sri Chengalamman Garden guideline value

The current guideline value for Sri Chengalamman Garden is Rs 550 per sq.ft, effective from 1 July 2024. This property is located in Sholavaram village under the Redhills SRO, classified as Residential Class III Type - I.

How the guideline value of Sri Chengalamman Garden has changed

The guideline value for Sri Chengalamman Garden has seen significant changes over the years. In 2003, the value was Rs 27 per sq.ft, which increased dramatically to Rs 200 per sq.ft in 2007, marking a 641% rise. The value then increased to Rs 500 per sq.ft in 2012, but saw a decrease to Rs 335 per sq.ft in 2017, a drop of 33%.

From 2017 to 2023, the guideline value rose to Rs 500 per sq.ft, reflecting a 49% increase. The most recent revision in 2024 set the value at Rs 550 per sq.ft, which is a 10% increase from the previous year. The register has no figure for the year 2002 for this street.

Guideline values in Sholavaram

In Sholavaram, there are 98 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 515 to Rs 3,500 per sq.ft, with a median value of Rs 660 per sq.ft. The guideline value for Sri Chengalamman Garden is below this median.

• Sridhar Nagar: Rs 550 per sq.ft (2024)
• Sri Amman Nagar: Rs 770 per sq.ft (2024)
• Sri Krishna Avenue: Rs 1,320 per sq.ft (2024)
• Sri Lakshmi Ganapathy Nagar: Rs 515 per sq.ft (2024)
• Srinivasa Nagar Annex: Rs 550 per sq.ft (2024)
• Sri Ragavendra Modern Town: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Chengalamman Garden

For a 1,000 sq.ft plot at the current rate of Rs 550 per sq.ft, the guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, totaling Rs 49,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sri Chengalamman Garden?

The Sub Registrar Office that covers Sri Chengalamman Garden is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration process of property transactions in Sholavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

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

Frequently asked questions

What is the current guideline value for Sri Chengalamman Garden?

The current guideline value for Sri Chengalamman Garden is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 27 per sq.ft in 2003 to Rs 550 per sq.ft in 2024, reflecting an overall increase of 1937% over the years.

What is the registration fee for property in Sri Chengalamman Garden?

The registration fee is calculated based on the guideline value or the sale price, whichever is higher. For example, for a plot valued at Rs 5,50,000, the registration fee would be Rs 11,000 at 2%.

Which Sub Registrar Office covers this area?

The Redhills Sub Registrar Office covers Sri Chengalamman Garden, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

Where can I find more information about stamp duty?

For more information about stamp duty and registration fees, you can use the stamp duty and registration fee calculator.