Guideline Value for Sri Ram Nagar Extension

Sri Ram Nagar Extension guideline value

The current guideline value of Sri Ram Nagar Extension is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under Selavoyal village and is classified as Residential Class II Type - I within the Madhavaram SRO.

How the guideline value of Sri Ram Nagar Extension has changed

In the 2012 revision, the guideline value was Rs 1,800 per sq.ft. This figure decreased to Rs 1,340 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value saw a significant increase to Rs 2,000 per sq.ft, marking a 49% rise. The latest revision in 2024 has further increased the value to Rs 2,200 per sq.ft, representing a 10% increase from the previous year.

For the years 2002, 2003, and 2007, the register has no figure for this street. Overall, comparing the 2012 figure to the 2024 figure, there has been an increase of 22% in the guideline value.

Guideline values in Selavoyal

In Selavoyal, there are 170 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,900 to Rs 3,300 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is equal to the guideline value of Sri Ram Nagar Extension.

• Sri Ram Nagar Cross Street: Rs 2,200 per sq.ft (2024)
• Sri Ram Nagar: Rs 2,200 per sq.ft (2024)
• Sri Raman Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Sri Raman Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Sri Sakthi Nagar: Rs 2,200 per sq.ft (2024)
• Sri Periyapalayathamman Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Ram Nagar Extension

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that 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 Ram Nagar Extension?

The Sub Registrar Office that covers Sri Ram Nagar Extension 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 Selavoyal

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as it directly influences the stamp duty and registration fees payable at the time of registration.

When a property is sold or purchased, the guideline value helps ensure that the transaction is recorded accurately in the official register. It serves as a benchmark for the authorities to assess the value of the property for taxation purposes, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Sri Ram Nagar Extension?

The current guideline value of Sri Ram Nagar Extension is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes: it was Rs 1,800 per sq.ft in 2012, decreased to Rs 1,340 per sq.ft in 2017, increased to Rs 2,000 per sq.ft in 2023, and is now Rs 2,200 per sq.ft in 2024.

What are the stamp duty rates for properties in this area?

The stamp duty rate for properties in Sri Ram Nagar Extension is 7% of the guideline value or the sale price, whichever is higher. Additionally, there is a registration fee of 2%.

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

The Madhavaram Sub Registrar Office covers Sri Ram Nagar Extension and is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for Sri Ram Nagar Extension?

Sri Ram Nagar Extension is classified as Residential Class II Type - I, indicating its suitability for residential development.