Guideline Value for Srinagar Colony

Srinagar Colony guideline value

The current guideline value of Srinagar Colony, located in Nemilicherry village under the Pallavaram SRO, is Rs 2,160 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class II Type - I land classification.

How the guideline value of Srinagar Colony has changed

Over the years, the guideline value of Srinagar Colony has seen several revisions. The earliest recorded revision was in 2007, where the guideline value was Rs 250 per sq.ft. This figure significantly increased to Rs 2,000 per sq.ft in 2012, marking a remarkable rise of 700%. However, in 2017, the value decreased to Rs 1,340 per sq.ft, which represented a decline of 33%. The value then rose sharply to Rs 2,000 per sq.ft in 2023, and has now reached Rs 2,160 per sq.ft in the 2024 revision, reflecting an 8% increase.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the current 2024 figure, there has been a substantial increase of 764%. It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median value for these streets is Rs 2,160 per sq.ft, which is equal to the current guideline value of Srinagar Colony.

• Srinivasa Street: Rs 2,200 per sq.ft (2024)
• Sri Devi Amman Street: Rs 2,200 per sq.ft (2024)
• South Streets: Rs 2,160 per sq.ft (2024)
• SSP Nagar: Rs 2,160 per sq.ft (2024)
• Somu Nagar: Rs 2,160 per sq.ft (2024)
• Somasundaram Street: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Srinagar Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value would be Rs 21,60,000. The stamp duty, charged at 7%, would amount to Rs 1,51,200, while the registration fee at 2% would be Rs 43,200. Together, the total cost for stamp duty and registration would be Rs 1,94,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Srinagar Colony?

The Sub Registrar Office that covers Srinagar Colony is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO here.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nemilicherry. It is the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When a property is sold, the guideline value is used to determine the stamp duty and registration fees, which are calculated based on the higher of the guideline value or the actual sale price. This ensures transparency and compliance with legal requirements during property transactions.

Frequently asked questions

What is the current guideline value of Srinagar Colony?

The current guideline value of Srinagar Colony is Rs 2,160 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 250 per sq.ft to Rs 2,160 per sq.ft in 2024, which is an overall increase of 764%.

What is the land classification of Srinagar Colony?

Srinagar Colony falls under the Residential Class II Type - I land classification.

Where can I find the Sub Registrar Office for Srinagar Colony?

The Sub Registrar Office for Srinagar Colony is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is the stamp duty calculated for property in Srinagar Colony?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 21,60,000, the stamp duty would be Rs 1,51,200 at a rate of 7%.