Guideline Value for Srinivasa Nagar (sankaran street)

Srinivasa Nagar (sankaran street) guideline value

The current guideline value of Srinivasa Nagar (sankaran street) is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Peerklankaranai village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Srinivasa Nagar (sankaran street) has changed

The guideline value for Srinivasa Nagar has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 1,500 per sq.ft. This figure saw a decrease to Rs 1,005 per sq.ft in the 2017 revision, marking a decline of 33%. However, the value rebounded significantly to Rs 1,500 per sq.ft in the 2023 revision, and further increased to Rs 1,650 per sq.ft in the 2024 revision, reflecting a 10% rise.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2012 revision to the current 2024 figure, there has been a 10% increase. It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Peerklankaranai

Peerklankaranai village comprises 322 streets under the Tambaram Joint 1 SRO, with 2024 guideline values ranging from Rs 880 to Rs 4,400 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, which is the same as the current value for Srinivasa Nagar (sankaran street). Below are other streets in Peerklankaranai:

• Srinivasan Nagar (Lakshmipuram Lay-out): Rs 2,200 per sq.ft (2024)
• Srinivasa Nagar: Rs 2,200 per sq.ft (2024)
• Srinivasa Ragavan Street: Rs 1,650 per sq.ft (2024)
• Sriram Nagar 1st Street: Rs 1,320 per sq.ft (2024)
• Sriram Nagar 2nd Street: Rs 1,320 per sq.ft (2024)
• Sriram Nagar 3rd Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Srinivasa Nagar (sankaran street)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, resulting in a total of 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 our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Srinivasa Nagar (sankaran street)?

The Sub Registrar Office that covers Srinivasa Nagar (sankaran street) 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 plays a crucial role during the registration of property transactions in Peerklankaranai. 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.

When a property is bought or sold, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This process helps maintain transparency and accountability in real estate transactions.

Frequently asked questions

What is the current guideline value of Srinivasa Nagar (sankaran street)?

The current guideline value of Srinivasa Nagar (sankaran street) is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then back to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for Srinivasa Nagar (sankaran street)?

The land classification for Srinivasa Nagar (sankaran street) is Residential Class I Type - II, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the higher of the guideline value or the sale price, while the registration fee is charged at 2%. For example, for a property valued at Rs 16,50,000, the total stamp duty and registration fees would amount to Rs 1,48,500.

Where can I find the Tambaram Joint 1 SRO?

The Tambaram Joint 1 Sub Registrar Office is located at No.26, Mes Road, East Tambaram, Chennai-600059. You can find more information by visiting the appropriate link.