Guideline Value for Sri Sakthi Nagar

Sri Sakthi Nagar guideline value

The current guideline value of Sri Sakthi Nagar, located in Selavoyal village under the Madhavaram SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Sri Sakthi Nagar has changed

The guideline value for Sri Sakthi Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 1,800 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in the 2017 revision, marking a decline of 26%. However, the value saw a significant increase to Rs 2,000 per sq.ft in the 2023 revision, which represented a 49% rise from the 2017 figure. The most recent revision in 2024 has further increased the guideline value to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 22%.

Guideline values in Selavoyal

In Selavoyal, there are 170 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 3,300 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is equal to the current guideline value of Sri Sakthi Nagar. Below are other streets in Selavoyal with their respective 2024 guideline values:

• Sri Ram Nagar Extension: Rs 2,200 per sq.ft (2024)
• Sri Ram Nagar Cross Street: Rs 2,200 per sq.ft (2024)
• Srivari Nagar: Rs 2,200 per sq.ft (2024)
• Srivari Nagar (N.S. Garden): Rs 2,200 per sq.ft (2024)
• Sri Ram Nagar: Rs 2,200 per sq.ft (2024)
• Sri Raman Nagar 2nd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Sakthi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. 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 Sakthi Nagar?

The Sub Registrar Office that covers Sri Sakthi Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Selavoyal. It is the basis for calculating the stamp duty and registration fees that buyers must pay when purchasing property. This ensures that the government receives appropriate revenue from property transactions.

When a property is sold, the guideline value helps determine the minimum value at which the property can be registered. Buyers should be aware that the stamp duty is charged on either the guideline value or the sale price, whichever is higher, ensuring a fair assessment of property value during registration.

Frequently asked questions

What is the current guideline value of Sri Sakthi Nagar?

The current guideline value of Sri Sakthi Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot at the current rate, the total fees would be Rs 1,98,000.

Which Sub Registrar Office covers Sri Sakthi Nagar?

The Madhavaram Sub Registrar Office covers Sri Sakthi Nagar, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the guideline value used in property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. It ensures that the property is registered at a fair value, based on the current market conditions.