Guideline Value for Sri Ram Nagar

Sri Ram Nagar guideline value

The current guideline value of Sri Ram Nagar, located in Melamaiyur village under the Chengleput Joint I SRO, is Rs 825 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class I Type - I.

How the guideline value of Sri Ram Nagar has changed

Over the years, the guideline value of Sri Ram Nagar has seen several revisions. The 2024 revision sets the value at Rs 825 per sq.ft, an increase from Rs 750 per sq.ft in 2023, marking a 10% rise. Prior to that, the value was Rs 502 per sq.ft in 2017, reflecting a significant increase of 49% over the six years. The 2012 revision also recorded a value of Rs 750 per sq.ft, which was a decrease of 33% from the Rs 333 per sq.ft set in 2007. Notably, there are no figures available for the revisions in 2002 and 2003 for this street.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 148%. The 2007 figure of Rs 333 per sq.ft has seen substantial growth, culminating in the current rate of Rs 825 per sq.ft. This progression reflects the changing landscape and valuation of properties in the area.

Guideline values in Melamaiyur

In Melamaiyur, there are 37 streets under the Chengleput Joint I SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 3,000 per sq.ft. The median value for these streets is Rs 1,212 per sq.ft, indicating that Sri Ram Nagar's 2024 figure is below this median.

• Srinivasan Avenue: Rs 1,650 per sq.ft (2024)
• Sri Guru Nagar: Rs 1,212 per sq.ft (2024)
• Sri Ganapathi Avenue: Rs 1,100 per sq.ft (2024)
• Soundar Nagar: Rs 1,100 per sq.ft (2024)
• Thirukazhukundram Road: Rs 1,650 per sq.ft (2024)
• Sathyakanthy Avenue: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Ram Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 825 per sq.ft, the total guideline value amounts to Rs 8,25,000. The stamp duty at 7% would be Rs 57,750, and the registration fee at 2% would be Rs 16,500, bringing the total fees to Rs 74,250. It is important to note that duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Ram Nagar?

The Sub Registrar Office that covers Sri Ram Nagar is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Melamaiyur. It serves as a benchmark for determining the stamp duty and registration fees applicable when buying or selling a property. Buyers and sellers must refer to the guideline value to ensure compliance with local regulations during the registration process.

Additionally, the guideline value helps in establishing a transparent and standardized valuation for properties, which can facilitate smoother transactions. It is essential for parties involved in property dealings to be aware of the current guideline value to avoid discrepancies during registration.

Frequently asked questions

What is the current guideline value of Sri Ram Nagar?

The current guideline value of Sri Ram Nagar is Rs 825 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 333 per sq.ft in 2007 to Rs 825 per sq.ft in 2024, marking an overall increase of 148%.

What is the land classification for Sri Ram Nagar?

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

Where can I find the Chengleput Joint I SRO?

The Chengleput Joint I Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002.

How is stamp duty calculated for properties in Sri Ram Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a plot of 1,000 sq.ft at the current guideline value, the stamp duty would be Rs 57,750.