Guideline Value for Sri Vel Murugan Nagar 1st Street

Sri Vel Murugan Nagar 1st Street guideline value

The current guideline value of Sri Vel Murugan Nagar 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village and falls under the Sembiam SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Sri Vel Murugan Nagar 1st Street has changed

The guideline value for Sri Vel Murugan Nagar 1st Street has seen several revisions over the years. The 2007 revision set the value at Rs 1,000 per sq.ft, which increased significantly to Rs 4,000 per sq.ft in the 2012 revision. However, this value decreased by 33% to Rs 2,680 per sq.ft in 2017. Following this, the value rose sharply to Rs 4,000 per sq.ft in 2023, and again increased by 10% to the current value of Rs 4,400 per sq.ft in 2024.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 340%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Sri Vel Murugan Nagar 1st Street above this median.

• Sri Vel Murugan Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Sri Vel Murugan Nagar 3rd Street: Rs 4,400 per sq.ft (2024)
• Sri Vel Murugan Nagar 4th Street: Rs 4,400 per sq.ft (2024)
• Sri Vel Murugan Nagar 5th Street: Rs 4,400 per sq.ft (2024)
• Sri Vel Murugan Nagar 6th Street: Rs 4,400 per sq.ft (2024)
• Sri Venkatajalapathi Nagar: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Vel Murugan Nagar 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Vel Murugan Nagar 1st Street?

The Sub Registrar Office that covers Sri Vel Murugan Nagar 1st Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Kolathur. It serves as a benchmark for determining the stamp duty and registration fees payable when buying or selling property.

When a property is sold, the guideline value helps ensure that the transaction is recorded at a value that reflects the official assessment of the property's worth, which is essential for legal and taxation purposes.

Frequently asked questions

What is the current guideline value of Sri Vel Murugan Nagar 1st Street?

The current guideline value of Sri Vel Murugan Nagar 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,000 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 340% over the years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000, and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles property registrations in Kolathur?

The Sembiam Sub Registrar Office handles property registrations in Kolathur, located at 5, Papermills Road, Sembiam, Chennai - 600011.

What is the land classification for Sri Vel Murugan Nagar 1st Street?

The land classification for Sri Vel Murugan Nagar 1st Street is Residential Special Type - I.