Guideline Value for Sri Raman Nagar

Sri Raman Nagar guideline value

The current guideline value of Sri Raman Nagar is Rs 3,700 per sq.ft, effective from 1 July 2024. This area is located in Vengaivasal village, under the Selaiyur Sub Registrar Office. The land classification for this street is Commercial Class I Type - I.

How the guideline value of Sri Raman Nagar has changed

The guideline value for Sri Raman Nagar has seen several revisions over the years. In 2012, the guideline value was Rs 3,500 per sq.ft, which then decreased to Rs 2,345 per sq.ft in 2017. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value up to Rs 3,500 per sq.ft. The most recent revision in 2024 raised the guideline value to Rs 3,700 per sq.ft, marking a 6% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 6%.

Guideline values in Vengaivasal

In Vengaivasal, there are 117 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 4,800 per sq.ft. The median guideline value in this village is Rs 2,700 per sq.ft, and Sri Raman Nagar's current figure is above this median.

• Sri Perumal Nagar: Rs 1,650 per sq.ft (2024)
• Sri Sastha Avenue: Rs 2,400 per sq.ft (2024)
• Sri Sastha Nagar: Rs 2,400 per sq.ft (2024)
• Sri Sasthapathi Duraisamy Nagar: Rs 2,950 per sq.ft (2024)
• Sri Visalakshi Nagar: Rs 3,300 per sq.ft (2024)
• Sri Visalakshi Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Raman Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,700 per sq.ft, the total guideline value amounts to Rs 37,00,000. The stamp duty at 7% would be Rs 2,59,000, and the registration fee at 2% would be Rs 74,000, bringing the total cost to Rs 3,33,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Raman Nagar?

The Sub Registrar Office that covers Sri Raman 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 details.

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

The guideline value plays a crucial role in property transactions in Vengaivasal. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for legal documentation. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price.

Understanding the guideline value is essential for both buyers and sellers, as it ensures compliance with local regulations during property transactions. This value serves as a benchmark for determining the appropriate fees and helps in the smooth processing of registration at the Sub Registrar Office.

Frequently asked questions

What is the current guideline value of Sri Raman Nagar?

The current guideline value of Sri Raman Nagar is Rs 3,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,700 per sq.ft in 2024, a 6% increase. It was Rs 2,345 per sq.ft in 2017, showing a 49% increase from that year to 2023.

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

Other streets in Vengaivasal include Sri Perumal Nagar at Rs 1,650 per sq.ft, Sri Sastha Avenue and Sri Sastha Nagar both at Rs 2,400 per sq.ft, Sri Sasthapathi Duraisamy Nagar at Rs 2,950 per sq.ft, and Sri Visalakshi Nagar at Rs 3,300 per sq.ft.

What is the registration fee for property in Sri Raman Nagar?

The registration fee is calculated at 2% of the guideline value. For a property valued at Rs 37,00,000, the registration fee would be Rs 74,000.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073. You can find more details by visiting the provided link.