Guideline Value for Sri Nagar Colony

Sri Nagar Colony guideline value

The current guideline value of Sri Nagar Colony, located in Velachery village under the Velacheri SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - III.

How the guideline value of Sri Nagar Colony has changed

Over the years, the guideline value for Sri Nagar Colony has seen several revisions. The earliest recorded figure is from 2012, which was Rs 3,500 per sq.ft. In 2017, this value decreased to Rs 2,345 per sq.ft, marking a decline of 33%. However, by 2023, the value increased significantly to Rs 3,500 per sq.ft. The most recent revision in 2024 raised the guideline value to Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

From 2012 to 2024, the overall change in the guideline value is an increase of 10%. The most notable increase occurred between 2017 and 2023, where the value rose by 49%. There are no recorded figures for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Velachery

In Velachery, there are a total of 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, indicating that Sri Nagar Colony's 2024 figure is below this median.

• Sri Nagar Colony Main Road: Rs 3,850 per sq.ft (2024)
• Sri Nagar Colony Road: Rs 3,850 per sq.ft (2024)
• Srinivasa Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Srinivasa Nagar Extn: Rs 4,400 per sq.ft (2024)
• Srinivasa Nagar Ist Street: Rs 4,400 per sq.ft (2024)
• Srinivasa Nagar / Seenivas Nagar: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Nagar Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value is Rs 38,50,000. The stamp duty, charged at 7%, amounts to Rs 2,69,500, while the registration fee at 2% is Rs 77,000. Together, the total cost for these fees is Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on stamp duty and registration fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Nagar Colony?

The Sri Nagar Colony area is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. It is essential for buyers to be aware of this value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Sri Nagar Colony?

The current guideline value of Sri Nagar Colony is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, then to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,850 per sq.ft in 2024.

What is the land classification of Sri Nagar Colony?

Sri Nagar Colony is classified as Residential Class II Type - III.

What are the stamp duty and registration fees for property in Sri Nagar Colony?

For a property valued at Rs 38,50,000, the stamp duty is Rs 2,69,500 and the registration fee is Rs 77,000, totaling Rs 3,46,500.

Which Sub Registrar Office covers the area of Sri Nagar Colony?

The Velacheri Sub Registrar Office covers Sri Nagar Colony, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.