Guideline Value for Sri Ram Nagar

Sri Ram Nagar guideline value

The current guideline value of Sri Ram Nagar, located in Chembakkam village under the Selaiyur SRO, is Rs 2,400 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Sri Ram Nagar has changed

The guideline value for Sri Ram Nagar has seen significant changes over the years. The 2007 revision set the value at Rs 750 per sq.ft, which increased to Rs 2,200 per sq.ft in 2012, representing a 193% increase. However, from 2012 to 2017, the value decreased to Rs 1,474 per sq.ft, a decline of 33%. Following this, the value rose to Rs 2,200 per sq.ft in 2023, marking a 49% increase, and finally reached Rs 2,400 per sq.ft in the 2024 revision, reflecting a 9% rise.

It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 220%.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, placing Sri Ram Nagar's 2024 figure above this median.

• State Bank Colony 1st Street: Rs 1,300 per sq.ft (2024)
• State Bank Colony 2nd Street: Rs 1,300 per sq.ft (2024)
• Sri Devi Nagar: Rs 1,100 per sq.ft (2024)
• Sri Baba Nagar: Rs 850 per sq.ft (2024)
• Sundar Avenue: Rs 950 per sq.ft (2024)
• South Street 8th Street: Rs 2,200 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 2,400 per sq.ft, the total guideline value amounts to Rs 24,00,000. The stamp duty at 7% would be Rs 1,68,000, and the registration fee at 2% would be Rs 48,000, totaling Rs 2,16,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sri Ram Nagar?

The Sub Registrar Office covering Sri Ram Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, 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 Chembakkam

The guideline value is a critical factor in the registration process when buying or selling property in Chembakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the correct revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Sri Ram Nagar?

The current guideline value of Sri Ram Nagar is Rs 2,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 750 per sq.ft in 2007 to Rs 2,400 per sq.ft in 2024, showing an overall increase of 220% over this period.

What are the other streets in Chembakkam and their guideline values?

Other streets in Chembakkam include State Bank Colony 1st Street and 2nd Street at Rs 1,300 per sq.ft, Sri Devi Nagar at Rs 1,100 per sq.ft, and Sri Baba Nagar at Rs 850 per sq.ft, among others.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is stamp duty calculated in Sri Ram Nagar?

Stamp duty in Sri Ram Nagar is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 24,00,000, the stamp duty would be calculated at 7% of this amount.