Guideline Value for Sri City

Sri City guideline value

The current guideline value of Sri City, located in Somangalam village under the Sriperumpudur SRO, is Rs 350 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Sri City has changed

Over the years, the guideline value for Sri City has seen several revisions. The 2012 revision set the value at Rs 350 per sq.ft, which remained unchanged through the 2017 revision. However, in 2017, the value was reduced to Rs 234 per sq.ft, marking a decrease of 33%. Following this, the 2023 revision brought the value back to Rs 350 per sq.ft, and the 2024 revision maintained this rate, resulting in no change from the previous year.

From 2017 to 2023, there was a significant increase of 50%, but overall, from 2012 to 2024, the guideline value has remained constant at Rs 350 per sq.ft. Notably, the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Somangalam

In Somangalam, there are 86 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 150 to Rs 800 per sq.ft, with the median being Rs 350 per sq.ft. The guideline value for Sri City aligns perfectly with this median.

• Sri Ganapathi Nagar: Rs 200 per sq.ft (2024)
• Sri Gayathiri Doctor's Nest: Rs 400 per sq.ft (2024)
• Sri Gayathri Doctors Nest Ph.II: Rs 500 per sq.ft (2024)
• Sri Amman Garden: Rs 250 per sq.ft (2024)
• Sri Kumaran Nagar: Rs 400 per sq.ft (2024)
• Sri Lakshmi Nagar: Rs 400 per sq.ft (2024)

Stamp duty and registration fee for property in Sri City

For a 1,000 sq.ft plot at the current rate of Rs 350 per sq.ft, the guideline value amounts to Rs 3,50,000. The stamp duty at 7% would be Rs 24,500, and the registration fee at 2% would be Rs 7,000, totaling Rs 31,500. 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 Sri City?

The Sub Registrar Office covering Sri City is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when registering property transactions in Somangalam. It serves as a benchmark for determining the stamp duty and registration fees applicable during the sale or purchase of property.

When a buyer or seller engages in a transaction, the guideline value is assessed, and the relevant fees are calculated based on this value or the sale price, whichever is higher. This ensures that the registration process is standardized and transparent.

Frequently asked questions

What is the current guideline value of Sri City?

The current guideline value of Sri City is Rs 350 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 being Rs 350 per sq.ft in 2023 and 2024, following a decrease to Rs 234 per sq.ft in 2017.

What is the land classification for Sri City?

Sri City is classified as Residential Class I Type - I, indicating its designation for residential development.

Where can I find the Sub Registrar Office for Sri City?

The Sub Registrar Office for Sri City is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 3,50,000 would incur a stamp duty of Rs 24,500 at a rate of 7%.