Guideline Value for Sri Sumathinath Residency

Sri Sumathinath Residency guideline value

The current guideline value of Sri Sumathinath Residency is Rs 2,750 per sq.ft, effective from 1 July 2024. This property is located in Nanmangalam village under the Pallavaram Sub Registrar Office (SRO) and is classified as Residential Class I Type - I.

How the guideline value of Sri Sumathinath Residency has changed

Looking at the historical revisions, the guideline value for Sri Sumathinath Residency was Rs 1,400 per sq.ft in 2007. It increased significantly to Rs 2,500 per sq.ft in 2012, marking a 79% rise. However, it saw a decrease to Rs 1,675 per sq.ft in 2017, which was a drop of 33%. The value then increased dramatically to Rs 2,500 per sq.ft in 2023, reflecting a 49% rise. The latest revision in 2024 sees the guideline value at Rs 2,750 per sq.ft, which is a 10% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 96%.

Guideline values in Nanmangalam

Nanmangalam village has a total of 139 streets under the Pallavaram SRO, with guideline values in 2024 ranging from Rs 1,960 to Rs 3,850 per sq.ft. The median guideline value is Rs 2,750 per sq.ft, which is equal to the current value of Sri Sumathinath Residency.

• Sri Sathya Sai Nagar: Rs 1,960 per sq.ft (2024)
• Sri Vigneshwara Avenue: Rs 2,750 per sq.ft (2024)
• S.R, Nagar: Rs 1,960 per sq.ft (2024)
• Sriram Nagar: Rs 2,750 per sq.ft (2024)
• Sri Perumal Nagar: Rs 2,750 per sq.ft (2024)
• Srinivasan Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Sumathinath Residency

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, the total cost for stamp duty and registration fee would be Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sri Sumathinath Residency?

Sri Sumathinath Residency falls under the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Nanmangalam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps in establishing a fair transaction price, as it reflects the prevailing market conditions and property valuations in the area. Buyers and sellers should be aware of this value to avoid discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Sri Sumathinath Residency?

The current guideline value of Sri Sumathinath Residency is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, from Rs 1,400 per sq.ft in 2007 to Rs 2,750 per sq.ft in 2024, marking an overall increase of 96% over this period.

What is the land classification for Sri Sumathinath Residency?

Sri Sumathinath Residency is classified as Residential Class I Type - I, which indicates its suitability for residential development.

Where can I find the Sub Registrar Office for this property?

The Pallavaram Sub Registrar Office, which covers Sri Sumathinath Residency, is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated for properties in Nanmangalam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For instance, a property valued at Rs 27,50,000 would incur a stamp duty of Rs 1,92,500 at 7%.