Guideline Value for Sri Srinivasa Nagar

Sri Srinivasa Nagar guideline value

The current guideline value of Sri Srinivasa Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area falls under Residential Class III Type - I land classification.

How the guideline value of Sri Srinivasa Nagar has changed

Over the years, the guideline value of Sri Srinivasa Nagar has seen several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value back to Rs 1,200 per sq.ft. The most recent 2024 revision has raised the guideline value to Rs 1,300 per sq.ft, marking an 8% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. However, from 2012 to 2017, the value decreased by 33%. Overall, from 2012 to 2024, the guideline value has increased by 8%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value is Rs 1,600 per sq.ft, indicating that the 2024 figure for Sri Srinivasa Nagar is below this median.

• Sri Srinivasa Nagar, Ponniammanmedu (Ward-23): Rs 1,300 per sq.ft (2024)
• Sri Subam Avenue: Rs 1,300 per sq.ft (2024)
• Sri Sathya Sai Nagar (Ward-07): Rs 1,300 per sq.ft (2024)
• Sri Sathya Sai Nagar @ Sai Nagar: Rs 1,300 per sq.ft (2024)
• Sri Sathya Sai Nagar Extension: Rs 1,300 per sq.ft (2024)
• Sri Venkateswara Nagar: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Srinivasa Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total fees to Rs 1,17,000. It is essential to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Sri Srinivasa Nagar?

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

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

The guideline value plays a crucial role in property transactions in Madhavaram. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid at the time of registration. This ensures that the government receives due revenue from property transactions.

It is important for buyers and sellers to be aware of the current guideline value, as it can affect the overall cost of the transaction. Understanding the guideline value helps in making informed decisions during property dealings.

Frequently asked questions

What is the current guideline value of Sri Srinivasa Nagar?

The current guideline value of Sri Srinivasa Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then back to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification of Sri Srinivasa Nagar?

Sri Srinivasa Nagar falls under Residential Class III Type - I land classification.

Where can I find the Madhavaram Sub Registrar Office?

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

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

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000.