Guideline Value for Sri Ram Nagar

Sri Ram Nagar guideline value

The current guideline value of Sri Ram Nagar, located in Pallipattu village under the Adayar SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Sri Ram Nagar has changed

The guideline value for Sri Ram Nagar has seen several revisions over the years. In 2002, the value was Rs 824 per sq.ft, which increased to Rs 901 per sq.ft in 2003. Following this, there was a significant rise to Rs 2,800 per sq.ft in 2007, and then to Rs 4,000 per sq.ft in 2012. However, the value decreased to Rs 2,680 per sq.ft in 2017. The most recent revisions show an increase to Rs 4,000 per sq.ft in 2023 and a further rise to Rs 4,400 per sq.ft in 2024.

Changes between these revisions indicate a growth pattern. From 2002 to 2024, the overall increase is +434%. Notably, the change from 2017 to 2023 was +49%, and from 2023 to 2024, the increase was +10%. The register has no figure for Sri Ram Nagar for the years 2012 and 2017.

Guideline values in Pallipattu

Pallipattu village has a range of guideline values across its 72 streets under the Adayar SRO, with the 2024 figures ranging from Rs 3,300 to Rs 15,400 per sq.ft. The median value is Rs 9,400 per sq.ft, placing Sri Ram Nagar's current value below this median.

• Sri Ram Nagar Extension: Rs 4,400 per sq.ft (2024)
• Teachers Colony: Rs 9,400 per sq.ft (2024)
• Thiruvengadam Street: Rs 7,700 per sq.ft (2024)
• Sardar Patel Road: Rs 15,400 per sq.ft (2024)
• Uthuman Road: Rs 3,300 per sq.ft (2024)
• Rukmani Nagar: Rs 5,000 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 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, 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 Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. For more details, you can find your SRO.

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

The guideline value is a crucial factor in property transactions in Pallipattu. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property. The guideline value serves as a benchmark for pricing and ensures that the registration process is transparent and standardized.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property in the market.

Frequently asked questions

What is the current guideline value of Sri Ram Nagar?

The current guideline value of Sri Ram Nagar is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 824 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking an overall increase of +434%.

What is the land classification for Sri Ram Nagar?

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

Where is the Adayar Sub Registrar Office located?

The Adayar Sub Registrar Office is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

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

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000.