Guideline Value for Sri Nagar Colony 2nd Street

Sri Nagar Colony 2nd Street guideline value

The current guideline value of Sri Nagar Colony 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village and falls under the Sembiam SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Sri Nagar Colony 2nd Street has changed

Over the years, the guideline value for Sri Nagar Colony 2nd Street has seen several revisions. The 2007 revision set the value at Rs 700 per sq.ft, which significantly increased to Rs 3,000 per sq.ft in both the 2012 and 2023 revisions. The latest revision in 2024 raised the value to Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

In terms of overall changes, the guideline value rose by 329% from the 2007 revision to the 2012 revision, and it has increased by a total of 371% from 2007 to 2024. The register does not contain figures for the years 2002, 2003, and 2017 for this street.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which is equal to the guideline value of Sri Nagar Colony 2nd Street.

• Sri Nagar Colony 1st Street: Rs 3,300 per sq.ft (2024)
• Sri Nagar Colony 3rd Street: Rs 3,300 per sq.ft (2024)
• Sri Nagar Colony 4th Street: Rs 3,300 per sq.ft (2024)
• Sri Nagar Colony 5th Street: Rs 3,300 per sq.ft (2024)
• Sri Nagar Colony Annex: Rs 3,300 per sq.ft (2024)
• Sri Manigandan Nagar: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Nagar Colony 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost to Rs 2,97,000. 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 further calculations.

Which Sub Registrar Office covers Sri Nagar Colony 2nd Street?

The Sub Registrar Office that covers Sri Nagar Colony 2nd Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a critical component in the property registration process in Kolathur. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring transparency in property transactions.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are essential for the legal transfer of property ownership. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Sri Nagar Colony 2nd Street?

The current guideline value of Sri Nagar Colony 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 371% over this period.

What is the land classification for Sri Nagar Colony 2nd Street?

Sri Nagar Colony 2nd Street is classified as Residential Class I Type - I.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Sri Nagar Colony 2nd Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011.

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 the current guideline value incurs a total cost of Rs 2,97,000 in fees.