Guideline Value for Sri Nagar

Sri Nagar guideline value

The current guideline value of Sri Nagar, located in Vedanareyanapuram village under the Chengleput Joint I SRO, is Rs 500 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - II.

How the guideline value of Sri Nagar has changed

Over the years, the guideline value for Sri Nagar has seen several revisions. The earliest recorded figure is from 2007, set at Rs 123 per sq.ft. This increased significantly to Rs 500 per sq.ft in 2012, marking a substantial rise of 307%. However, from 2012 to 2017, the value decreased to Rs 335 per sq.ft, a drop of 33%. The value then rose again to Rs 500 per sq.ft in 2023, remaining unchanged in the 2024 revision.

From 2017 to 2023, the guideline value increased by 49%, bringing it back to Rs 500 per sq.ft. The overall change from the 2007 revision to the current 2024 revision reflects a total increase of 307%.

Guideline values in Vedanareyanapuram

In Vedanareyanapuram, there are 31 streets under the Chengleput Joint I SRO that carry a 2024 guideline value ranging from Rs 400 to Rs 2,050 per sq.ft, with a median value of Rs 600 per sq.ft. Sri Nagar's 2024 figure is below this median.

• Sri Magaveer Nagar: Rs 501 per sq.ft (2024)
• Sri Rajeswari Nagar: Rs 600 per sq.ft (2024)
• Shanthi Nagar: Rs 600 per sq.ft (2024)
• Thendral Nagar: Rs 600 per sq.ft (2024)
• Thulasinga Nagar: Rs 400 per sq.ft (2024)
• Valmigi Nagar: Rs 400 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value amounts to Rs 5,00,000. The stamp duty at 7% would be Rs 35,000, and the registration fee at 2% would be Rs 10,000, bringing the total fees to Rs 45,000. 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?

Sri Nagar falls under the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during property registration in Vedanareyanapuram. It serves as a benchmark for determining the stamp duty and registration fees payable when a property is bought or sold. Buyers and sellers must be aware of the current guideline value to ensure compliance with registration requirements.

When a property transaction occurs, the guideline value helps establish the minimum value at which the property can be registered. This ensures transparency and fairness in property dealings, making it essential for all parties involved to understand the guideline values applicable to their respective areas.

Frequently asked questions

What is the current guideline value of Sri Nagar?

The current guideline value of Sri Nagar is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 123 per sq.ft in 2007 to Rs 500 per sq.ft in 2012, then decreasing to Rs 335 per sq.ft in 2017, and finally returning to Rs 500 per sq.ft in 2023 and 2024.

What is the land classification for Sri Nagar?

Sri Nagar is classified as Residential Special Type - II, which indicates its designated use for residential purposes.

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

For a property valued at Rs 5,00,000, the stamp duty would be Rs 35,000 and the registration fee would be Rs 10,000, totaling Rs 45,000. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Sri Nagar located?

The Chengleput Joint I Sub Registrar Office, which covers Sri Nagar, is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone.