Guideline Value for Sri Nagar

Sri Nagar guideline value

The current guideline value of Sri Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 1,600 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Sri Nagar has changed

The guideline value for Sri Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was followed by a decrease to Rs 1,005 per sq.ft in the 2017 revision. The 2023 revision then increased the value to Rs 1,500 per sq.ft, and the most recent 2024 revision has set it at Rs 1,600 per sq.ft. The register has no figure for this street for the years 2002, 2003, and 2007.

Between the revisions, there have been notable changes. From 2017 to 2023, there was a significant increase of 49%, while the 2012 to 2017 period saw a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 7%.

Guideline values in Madhavaram

In Madhavaram, there are 1946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, which matches the current guideline value of Sri Nagar.

• Sri Nagar Rd (Ward No.4): Rs 1,300 per sq.ft (2024)
• Srinivasa Colony (Periyamedu): Rs 1,300 per sq.ft (2024)
• Sri Logambal Nagar Extension: Rs 2,200 per sq.ft (2024)
• Sri Logambal Nagar: Rs 1,300 per sq.ft (2024)
• Sri Lalitha Nagar: Rs 1,300 per sq.ft (2024)
• Sri Lalitha Garden: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Nagar

For a 1,000 sq.ft plot at the current rate of Rs 1,600 per sq.ft, the guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, totaling Rs 1,44,000. It is important to note that the 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 more details.

Which Sub Registrar Office covers Sri Nagar?

The Sub Registrar Office that covers Sri Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Madhavaram. It is used to calculate the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value serves as a benchmark for determining the minimum value at which a property can be registered. This helps maintain transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Sri Nagar?

The current guideline value of Sri Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most recent increase from Rs 1,500 per sq.ft in 2023 to Rs 1,600 per sq.ft in 2024. The value was Rs 1,005 per sq.ft in 2017 and Rs 1,500 per sq.ft in 2012.

What is the land classification of Sri Nagar?

Sri Nagar falls under the Residential Class II Type - I land classification, which is important for determining its usage and development potential.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 16,00,000, the stamp duty is Rs 1,12,000 and the registration fee is Rs 32,000, totaling Rs 1,44,000. The duty is charged on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for Sri Nagar located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060, and is responsible for property registrations in this area.