Guideline Value for Sri Ram Nagar

Sri Ram Nagar guideline value

The current guideline value of Sri Ram Nagar, located in Srinivasapuram village under the Kunrathur SRO, is Rs 1,550 per sq.ft, effective from 1 July 2024. This area is classified as 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 2007 revision set the value at Rs 250 per sq.ft, which then increased significantly to Rs 1,400 per sq.ft in 2012, marking a remarkable rise of 460%. However, this increase was followed by a decrease to Rs 938 per sq.ft in 2017, a drop of 33%. The value then rose again to Rs 1,400 per sq.ft in 2023, and most recently to Rs 1,550 per sq.ft in 2024, reflecting an increase of 11% from the previous year. The register has no figure for the years 2002 and 2003 for this street.

From the 2017 revision to the 2023 revision, the guideline value increased by 49%. Overall, from the 2007 revision to the current 2024 value, there has been a substantial increase of 520% in the guideline value per sq.ft.

Guideline values in Srinivasapuram

Srinivasapuram village has a total of 39 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 1,550 to Rs 7,400 per sq.ft, with a median value of Rs 1,650 per sq.ft. The guideline value of Sri Ram Nagar is below this median.

• Sri Sai Nagar: Rs 3,600 per sq.ft (2024)
• Sri Sangeetham Nagar: Rs 1,550 per sq.ft (2024)
• Srinivasa Nagar Annexe: Rs 2,000 per sq.ft (2024)
• Sri Srinivasa Avenue: Rs 1,650 per sq.ft (2024)
• Srinivasa Nagar: Rs 2,000 per sq.ft (2024)
• Srivasapuram Main Road: Rs 1,750 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 rate of Rs 1,550 per sq.ft, the guideline value amounts to Rs 15,50,000. The stamp duty at 7% would be Rs 1,08,500, and the registration fee at 2% would be Rs 31,000, totaling Rs 1,39,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, 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 Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of properties in Sri Ram Nagar and the broader Srinivasapuram area. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. These fees are typically based on the guideline value or the sale price, whichever is higher, ensuring that both parties adhere to the legal requirements during the transaction.

Frequently asked questions

What is the current guideline value of Sri Ram Nagar?

The current guideline value of Sri Ram Nagar is Rs 1,550 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 250 per sq.ft in 2007 to Rs 1,550 per sq.ft in 2024, marking an overall increase of 520%.

What are the stamp duty rates for property in Sri Ram Nagar?

The stamp duty for property in Sri Ram Nagar is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Kunrathur Sub Registrar Office located?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is the guideline value determined?

The guideline value is determined by the Registration Department and is revised periodically based on various factors, including market conditions and land classification.