Guideline Value for Sri City

Sri City guideline value

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

How the guideline value of Sri City has changed

In the 2017 revision, the guideline value was set at Rs 234 per sq.ft. This figure remained unchanged in the 2023 revision, which also recorded Rs 350 per sq.ft. The latest revision in 2024 has maintained the same value of Rs 350 per sq.ft, indicating no percentage change from the previous year. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

From 2017 to 2023, there was a significant increase of 50%, bringing the value to Rs 350 per sq.ft. Overall, from 2017 to 2024, the guideline value has increased by 50%, remaining consistent at Rs 350 per sq.ft since 2023.

Guideline values in Somangalam_B

In Somangalam_B, there are 79 streets under the Sriperumpudur SRO with a 2024 guideline value ranging from Rs 150 to Rs 2,500 per sq.ft, with a median value of Rs 250 per sq.ft. The guideline value for Sri City is above 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. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri City?

The Sub Registrar Office that covers 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 more information.

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

The guideline value is a critical factor during property registration in Somangalam_B. It is the minimum value at which properties can be registered, ensuring that the government receives its due revenue through stamp duty and registration fees.

When buying or selling property, both parties must consider the guideline value to determine the applicable stamp duty and registration fees. This value serves as a benchmark for transactions, ensuring transparency and compliance with local regulations.

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 remained at Rs 350 per sq.ft from 2023 to 2024, with a 50% increase from Rs 234 per sq.ft in 2017 to Rs 350 per sq.ft by 2023.

What is the land classification for Sri City?

Sri City falls under the Residential Class I Type - I land classification, indicating its suitability for residential development.

What are the stamp duty and registration fees for a property in Sri City?

For a property valued at Rs 3,50,000, the stamp duty would be Rs 24,500 and the registration fee would be Rs 7,000, totaling Rs 31,500.

Which office handles property registration for Sri City?

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