Guideline Value for Sri Sai Nagar

Sri Sai Nagar guideline value

The current guideline value of Sri Sai Nagar, located in Virugambakkam village under the Virugambakkam SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class III Type - I land classification.

How the guideline value of Sri Sai Nagar has changed

The guideline value for Sri Sai Nagar has seen several revisions over the years. In 2012, the guideline value was Rs 4,000 per sq.ft, which then decreased to Rs 2,680 per sq.ft in 2017. Following this, the value increased significantly to Rs 4,000 per sq.ft in 2023, and further rose to Rs 4,400 per sq.ft in the 2024 revision, marking a 10% increase from the previous year. The overall change from 2012 to 2024 is a 10% increase.

Between the revisions, the 2023 to 2024 revision saw a 10% increase, while the jump from 2017 to 2023 was a notable 49%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the current value of Sri Sai Nagar.

• Sri Sai Nagar 1st Main Road: Rs 4,400 per sq.ft (2024)
• Sri Sai Nagar 2nd Main Road: Rs 4,400 per sq.ft (2024)
• Sri Sai Nagar 3rd Main Road: Rs 4,400 per sq.ft (2024)
• SRI VENKATESH NAGAR - Bakthavatchalam Street: Rs 4,950 per sq.ft (2024)
• Sri Venkatesh Nagar - Gandhi Street: Rs 4,950 per sq.ft (2024)
• SRI VENKATESH NAGAR - Kambar Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Sai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Sri Sai Nagar?

Sri Sai Nagar falls under the jurisdiction of the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Virugambakkam. It determines 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 compared with the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, which are essential for completing the transaction legally.

Frequently asked questions

What is the current guideline value of Sri Sai Nagar?

The current guideline value of Sri Sai 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 from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, then to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,400 per sq.ft in 2024.

What is the land classification of Sri Sai Nagar?

Sri Sai Nagar is classified as Residential Class III Type - I, which indicates its use for residential purposes.

What are the stamp duty and registration fees for property in Sri Sai Nagar?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000, and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Where can I find the Sub Registrar Office for Sri Sai Nagar?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.