Guideline Value for Sri Saraswathi Nagar

Sri Saraswathi Nagar guideline value

The current guideline value of Sri Saraswathi Nagar, located in Padaalam village under the Madurandakam SRO, is Rs 100 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class I Type - I land classification.

How the guideline value of Sri Saraswathi Nagar has changed

The guideline value for Sri Saraswathi Nagar has undergone several revisions over the years. The earliest recorded value is from 2007, where it was set at Rs 20 per sq.ft. This figure saw a significant increase to Rs 100 per sq.ft in 2012, representing a 400% rise. However, from 2012 to 2017, the value decreased to Rs 67 per sq.ft, marking a decline of 33%. The subsequent revision in 2023 maintained the value at Rs 100 per sq.ft, with no change from the previous year. Finally, the 2024 revision also set the value at Rs 100 per sq.ft, indicating stability in the guideline value over the last two years.

It is important to note that there are no recorded figures for Sri Saraswathi Nagar in the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 400%.

Guideline values in Padaalam

In Padaalam, there are four streets under the Madurandakam SRO that carry a 2024 guideline value. The values range from Rs 100 to Rs 200 per sq.ft, with the median value being Rs 100 per sq.ft. Sri Saraswathi Nagar's 2024 figure aligns with this median.

• Vijai Nagar: Rs 100 per sq.ft (2024)
• Engineers Colony: Rs 200 per sq.ft (2024)
• Athiththiya Nagar: Rs 100 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Saraswathi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 100 per sq.ft, the total guideline value amounts to Rs 1,00,000. The stamp duty is charged at 7%, which would be Rs 7,000, and the registration fee is 2%, amounting to Rs 2,000. Therefore, the total cost for stamp duty and registration fees would be Rs 9,000. 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 further assistance.

Which Sub Registrar Office covers Sri Saraswathi Nagar?

The Sub Registrar Office that covers Sri Saraswathi Nagar is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Padaalam. It serves as a reference point for determining the applicable stamp duty and registration fees, ensuring that these charges are calculated based on the official value set by the government.

When buying or selling property, the guideline value is essential for both parties to understand the financial implications of the transaction. It ensures transparency and compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Sri Saraswathi Nagar?

The current guideline value of Sri Saraswathi Nagar is Rs 100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 20 per sq.ft in 2007 to Rs 100 per sq.ft in 2012, then decreased to Rs 67 per sq.ft in 2017, and has remained at Rs 100 per sq.ft in both 2023 and 2024.

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

Other streets in Padaalam include Vijai Nagar at Rs 100 per sq.ft, Engineers Colony at Rs 200 per sq.ft, and Athiththiya Nagar at Rs 100 per sq.ft, all for the year 2024.

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

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a 1,000 sq.ft plot at Rs 100 per sq.ft, the total fees would amount to Rs 9,000.

Where is the Sub Registrar Office for Sri Saraswathi Nagar located?

The Madurandakam Sub Registrar Office is located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.