Guideline Value for Sri Gangadevi Nagar

Sri Gangadevi Nagar guideline value

The current guideline value of Sri Gangadevi Nagar is Rs 220 per sq.ft, effective from 1 July 2024. This street is located in Siruniyam village under the Redhills SRO, classified as Residential Class III Type - I.

How the guideline value of Sri Gangadevi Nagar has changed

The guideline value for Sri Gangadevi Nagar has seen several revisions over the years. Starting from Rs 11 per sq.ft in 2003, it increased to Rs 100 per sq.ft in 2007, followed by a rise to Rs 200 per sq.ft in 2012. However, it then decreased to Rs 134 per sq.ft in 2017 before climbing to Rs 200 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 220 per sq.ft.

Notably, the increase from 2023 to 2024 was 10%, while the jump from 2017 to 2023 was 49%. The value saw a significant increase of 100% from 2007 to 2012 and an impressive 809% from 2003 to 2007. Overall, from 2003 to 2024, the guideline value has increased by 1900%. The register has no figure for this street for the year 2002.

Guideline values in Siruniyam

In Siruniyam, there are 32 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 220 to Rs 1,500 per sq.ft. The median value for these streets is Rs 440 per sq.ft, placing Sri Gangadevi Nagar's 2024 figure below that median.

• Sri Kanniamman Nagar: Rs 960 per sq.ft (2024)
• Sri Balaji Nagar: Rs 825 per sq.ft (2024)
• Sri Selva Vignesh Nagar: Rs 440 per sq.ft (2024)
• Sri Selva Vignesh Nagar East Avenue: Rs 400 per sq.ft (2024)
• Sri Selva Vignesh Nagar Phase-II: Rs 1,500 per sq.ft (2024)
• Sri Selva Vignesh Outer Ring Road Avenue: Rs 440 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Gangadevi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 220 per sq.ft, the total guideline value amounts to Rs 2,20,000. The stamp duty at 7% would be Rs 15,400, while the registration fee at 2% would be Rs 4,400, bringing the total cost for these fees to Rs 19,800. 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 Gangadevi Nagar?

Sri Gangadevi Nagar falls under the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. To find your SRO, visit find your SRO.

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

The guideline value is a crucial factor in the registration process for property transactions in Siruniyam. It serves as the benchmark for determining the stamp duty and registration fees that buyers must pay when acquiring property.

When selling property, the seller must ensure that the sale price is at least equal to the guideline value to avoid any complications during registration. The guideline value is regularly updated, reflecting changes in the real estate market and local development.

Frequently asked questions

What is the current guideline value of Sri Gangadevi Nagar?

The current guideline value of Sri Gangadevi Nagar is Rs 220 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 11 per sq.ft in 2003 and rising to Rs 220 per sq.ft by 2024, with various revisions in between.

What is the land classification for Sri Gangadevi Nagar?

Sri Gangadevi Nagar is classified as Residential Class III Type - I.

What is the role of the Redhills SRO?

The Redhills Sub Registrar Office is responsible for the registration of property transactions in Sri Gangadevi Nagar and surrounding areas.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 220 per sq.ft incurs specific fees based on that guideline value.