Guideline Value for Sri Velmurugan Nagar

Sri Velmurugan Nagar guideline value

The current guideline value of Sri Velmurugan Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Peerklankaranai village under the Tambaram Joint 1 SRO, classified as Residential Class I Type - II.

How the guideline value of Sri Velmurugan Nagar has changed

Looking at the historical revisions, the guideline value for Sri Velmurugan Nagar was Rs 1,500 per sq.ft in 2023, which increased to Rs 1,650 per sq.ft in the 2024 revision, marking a change of +10%. Prior to that, in 2017, the value was Rs 1,005 per sq.ft, reflecting a significant increase of +49% to reach the 2023 figure. The register has no figures for the years 2002, 2003, and 2007.

In the earlier revisions, the guideline value was Rs 1,500 per sq.ft in 2012, which decreased to Rs 1,005 per sq.ft in 2017, indicating a drop of -33%. Overall, from 2012 to 2024, the guideline value has seen a modest increase of +10%.

Guideline values in Peerklankaranai

Within Peerklankaranai, there are 322 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 4,400 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, which is the same as the guideline value for Sri Velmurugan Nagar.

• Sri Vimal Nagar: Rs 1,650 per sq.ft (2024)
• Sri Sakthi Nagar Extn.: Rs 1,320 per sq.ft (2024)
• Sri Sakthi Nagar: Rs 2,200 per sq.ft (2024)
• Sri Ram Nagar Main Road: Rs 1,650 per sq.ft (2024)
• Sriram Nagar 8th Street: Rs 1,320 per sq.ft (2024)
• Sriram Nagar 7th Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Velmurugan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, totaling Rs 1,48,500. 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 Velmurugan Nagar?

The Sub Registrar Office that covers Sri Velmurugan Nagar is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Peerklankaranai

The guideline value is a critical factor in property transactions in Peerklankaranai, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with registration laws.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sri Velmurugan Nagar?

The current guideline value of Sri Velmurugan Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2023 to Rs 1,650 per sq.ft in 2024, an increase of +10%. It was Rs 1,005 per sq.ft in 2017 and Rs 1,500 per sq.ft in 2012.

What are the other streets in Peerklankaranai with their guideline values?

Other streets in Peerklankaranai include Sri Vimal Nagar and Sri Ram Nagar Main Road, both at Rs 1,650 per sq.ft, as well as Sri Sakthi Nagar at Rs 2,200 per sq.ft and Sri Sakthi Nagar Extn. at Rs 1,320 per sq.ft.

What is the stamp duty for a property in Sri Velmurugan Nagar?

The stamp duty for a property in Sri Velmurugan Nagar is calculated at 7% of the guideline value. For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500.

Where can I find the Sub Registrar Office for Sri Velmurugan Nagar?

The Sub Registrar Office for Sri Velmurugan Nagar is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.