Guideline Value for Sri Vel Murugan Nagar 2nd Street

Sri Vel Murugan Nagar 2nd Street guideline value

The current guideline value for Sri Vel Murugan Nagar 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village, under the Sembiam SRO, and is classified as Residential Special Type - I.

How the guideline value of Sri Vel Murugan Nagar 2nd Street has changed

The guideline value for Sri Vel Murugan Nagar 2nd Street has undergone several revisions over the years. The earliest recorded figure is from 2007, where the guideline value was Rs 1,000 per sq.ft. This increased significantly to Rs 4,000 per sq.ft in 2012, marking a growth of 300%. However, in 2017, the value decreased to Rs 2,680 per sq.ft, which is a decline of 33%. The value then rose to Rs 4,000 per sq.ft in 2023, and currently stands at Rs 4,400 per sq.ft from the 2024 revision, reflecting a 10% increase from the previous year.

There are no recorded figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 340%.

Guideline values in Kolathur

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

• Sri Vel Murugan Nagar 1st 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 2nd Street

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

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Sri Vel Murugan Nagar 2nd Street?

The Sub Registrar Office covering Sri Vel Murugan Nagar 2nd Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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 minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

Frequently asked questions

What is the current guideline value for Sri Vel Murugan Nagar 2nd Street?

The current guideline value for Sri Vel Murugan Nagar 2nd 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 seen several revisions, starting from Rs 1,000 per sq.ft in 2007, rising to Rs 4,400 per sq.ft in 2024, with fluctuations in between.

What is the land classification for Sri Vel Murugan Nagar 2nd Street?

Sri Vel Murugan Nagar 2nd Street is classified as Residential Special Type - I.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is stamp duty calculated for properties in Sri Vel Murugan Nagar 2nd Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 44,00,000 would incur a stamp duty of Rs 3,08,000.