Guideline Value for Sri Nagar Colony South Avenue

Sri Nagar Colony South Avenue guideline value

The current guideline value of Sri Nagar Colony South Avenue in Venkatapuram village is Rs 8,300 per sq.ft, effective from 1 July 2024. This area falls under the Adayar SRO and is classified as Residential Class I Type - I.

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

The guideline value for Sri Nagar Colony South Avenue has seen several revisions over the years. In 2002, the value was Rs 1,641 per sq.ft, which increased to Rs 1,765 per sq.ft in 2003. Following this, there was a significant jump to Rs 4,000 per sq.ft in 2007, and then it rose to Rs 7,500 per sq.ft in 2012. However, the value decreased to Rs 5,025 per sq.ft in 2017. The most recent revision in 2023 set the value at Rs 7,500 per sq.ft, which increased to Rs 8,300 per sq.ft in 2024, marking an 11% rise from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 406%. The changes between revisions include a 49% increase from 2017 to 2023 and an 88% increase from 2007 to 2012. The register has no figures for the years not mentioned in the revisions.

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 for Sri Nagar Colony South Avenue is above this median.

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

Stamp duty and registration fee for property in Sri Nagar Colony South 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, and 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 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 Nagar Colony South Avenue?

The Sub Registrar Office that covers Sri Nagar Colony South 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 a crucial reference point during property transactions in Venkatapuram. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property in the area.

When registering a property, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in real estate dealings. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations.

Frequently asked questions

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

The current guideline value of Sri Nagar Colony South 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 undergone several revisions, increasing from Rs 1,641 per sq.ft in 2002 to Rs 8,300 per sq.ft in 2024, marking an overall increase of 406% over this period.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 83,00,000, the stamp duty would be Rs 5,81,000, and the registration fee would be Rs 1,66,000, totaling Rs 7,47,000.

Which office handles property registrations for Sri Nagar Colony South Avenue?

The Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20, handles property registrations for Sri Nagar Colony South Avenue.

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

Sri Nagar Colony South Avenue is classified as Residential Class I Type - I, indicating its designation for residential use within the area.