Guideline Value for Sri Sakthi Nagar

Sri Sakthi Nagar guideline value

The current guideline value of Sri Sakthi Nagar is Rs 385 per sq.ft, effective from 1 July 2024. This area is located in Perungavur village and falls under the Redhills SRO. The land classification is Residential Class I Type - I.

How the guideline value of Sri Sakthi Nagar has changed

The guideline value for Sri Sakthi Nagar has undergone several revisions over the years. In 2007, the value was Rs 300 per sq.ft, which increased to Rs 350 per sq.ft in 2012. However, it then decreased to Rs 234 per sq.ft in 2017. The 2023 revision saw a significant increase to Rs 350 per sq.ft, followed by another increase to Rs 385 per sq.ft in 2024, marking a 10% rise from the previous year.

To summarize the changes: from 2017 to 2023, there was a 50% increase, while from 2012 to 2017, the value decreased by 33%. The overall increase from 2007 to 2024 is 28%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Perungavur

In Perungavur, there are 79 streets under the Redhills SRO that have a guideline value for 2024, ranging from Rs 220 to Rs 1,500 per sq.ft. The median value is Rs 275 per sq.ft, placing Sri Sakthi Nagar's 2024 figure above that median.

• Sri Sainagar @ Gomathi Amman Nagar Phase - II: Rs 275 per sq.ft (2024)
• Sri Selva Vigneshwar Nagar: Rs 385 per sq.ft (2024)
• Sri Sai Nagar: Rs 275 per sq.ft (2024)
• Sri Vijayalakshmi Nagar: Rs 220 per sq.ft (2024)
• Sri Palathamman Garden: Rs 220 per sq.ft (2024)
• Sri Lakshmi Nagar Annex: Rs 385 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 385 per sq.ft, the total guideline value amounts to Rs 3,85,000. The stamp duty at 7% would be Rs 26,950, and the registration fee at 2% would be Rs 7,700, bringing the total fees together to Rs 34,650. 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 precise calculations.

Which Sub Registrar Office covers Sri Sakthi Nagar?

Sri Sakthi Nagar falls under the jurisdiction of the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Perungavur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the transaction is recorded accurately and that the appropriate taxes are collected by the government.

Frequently asked questions

What is the current guideline value of Sri Sakthi Nagar?

The current guideline value of Sri Sakthi Nagar is Rs 385 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 385 per sq.ft in 2024. Notably, there was a decrease to Rs 234 per sq.ft in 2017 before increasing again in subsequent revisions.

What is the land classification of Sri Sakthi Nagar?

Sri Sakthi Nagar is classified as Residential Class I Type - I. This classification is important for determining the permissible uses of the land.

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

The Sub Registrar Office covering Sri Sakthi Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

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

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the current guideline value would incur a total stamp duty of Rs 26,950.