Guideline Value for Sri Nagar Colony North Avenue

Sri Nagar Colony North Avenue guideline value

The current guideline value of Sri Nagar Colony North Avenue is Rs 8,300 per sq.ft, effective from 1 July 2024. This street is located in Venkatapuram village and falls under the Adayar SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Sri Nagar Colony North Avenue has changed

The guideline value for Sri Nagar Colony North Avenue has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 1,032 per sq.ft. This increased to Rs 1,110 per sq.ft in 2003, marking an 8% rise. The following revision in 2007 saw a significant jump to Rs 4,000 per sq.ft, which is an increase of 260%. The 2012 revision brought the value back down to Rs 7,500 per sq.ft, a decrease of 33% from the previous figure.

In 2017, the guideline value was revised to Rs 5,025 per sq.ft, which was an increase of 49% from 2012. The value then rose to Rs 7,500 per sq.ft in 2023, before reaching the current figure of Rs 8,300 per sq.ft in 2024, reflecting an 11% increase. Overall, from 2002 to 2024, the guideline value has increased by 704%. There are no figures available for the revisions in years not listed.

Guideline values in Venkatapuram

In Venkatapuram, there are 36 streets under the Adayar SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 15,400 per sq.ft, with a median value of Rs 5,500 per sq.ft. The guideline value of Sri Nagar Colony North Avenue is above this median.

• Sri Nagar Colony North Mada Veedhi: Rs 8,300 per sq.ft (2024)
• Sri Nagar Colony East Mada Veedhi: Rs 8,300 per sq.ft (2024)
• Sri Nagar Colony Cross Road: Rs 8,300 per sq.ft (2024)
• Sri Nagar Colony South Avenue: Rs 8,300 per sq.ft (2024)
• Sri Nagar Colony South mada veedhi (Old Central Avenue road): Rs 8,300 per sq.ft (2024)
• Sri Nagar Colony Temple Avenue: Rs 8,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Nagar Colony North Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 8,300 per sq.ft, the total guideline value would be Rs 83,00,000. The stamp duty at 7% would amount to Rs 5,81,000, while the registration fee at 2% would be Rs 1,66,000, bringing the total to Rs 7,47,000. It is important to note that 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 further calculations.

Which Sub Registrar Office covers Sri Nagar Colony North Avenue?

The Sub Registrar Office that covers Sri Nagar Colony North Avenue is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value is crucial during the registration process of property transactions. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid. Buyers and sellers must consider the guideline value to ensure compliance with legal requirements during the sale or purchase of property.

When a property is sold or purchased, the guideline value helps in assessing the appropriate fees based on the higher of the guideline value or the sale price. This ensures that the transaction is recorded accurately and that the correct amount of duty is paid to the government.

Frequently asked questions

What is the current guideline value of Sri Nagar Colony North Avenue?

The current guideline value of Sri Nagar Colony North Avenue is Rs 8,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,032 per sq.ft in 2002 to Rs 8,300 per sq.ft in 2024, reflecting an overall increase of 704% over this period.

What is the land classification for Sri Nagar Colony North Avenue?

Sri Nagar Colony North Avenue is classified as Residential Class I Type - I, indicating its suitability for residential development.

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

The Adayar Sub Registrar Office, which covers Sri Nagar Colony North Avenue, is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 83,00,000, the stamp duty at 7% would be Rs 5,81,000.