Guideline Value for Srinivasa Nagar 2nd Street

Srinivasa Nagar 2nd Street guideline value

The current guideline value of Srinivasa Nagar 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Srinivasa Nagar 2nd Street has changed

The guideline value for Srinivasa Nagar 2nd Street has undergone several revisions over the years. The 2012 revision set the value at Rs 4,000 per sq.ft, which then decreased to Rs 2,680 per sq.ft in the 2017 revision. Following this, the value increased to Rs 4,000 per sq.ft in 2023, and finally rose to Rs 4,400 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

From the 2012 revision to the 2017 revision, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. 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 Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, which matches the current value for Srinivasa Nagar 2nd Street.

• Srinivasa Nagar Extn: Rs 4,400 per sq.ft (2024)
• Srinivasa Nagar Ist Street: Rs 4,400 per sq.ft (2024)
• Srinivasa Nagar / Seenivas Nagar: Rs 4,950 per sq.ft (2024)
• Sri Nagar Colony Road: Rs 3,850 per sq.ft (2024)
• Sri Nagar Colony Main Road: Rs 3,850 per sq.ft (2024)
• Sri Nagar Colony: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Srinivasa 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, bringing the total to Rs 3,96,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Srinivasa Nagar 2nd Street?

The Sub Registrar Office that covers Srinivasa Nagar 2nd Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process for property transactions in Velachery. It determines 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 buying or selling property, the guideline value helps both parties understand the official valuation of the property. It is important to consider this value when negotiating the sale price, as the duty is charged on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Srinivasa Nagar 2nd Street?

The current guideline value of Srinivasa 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 changed significantly, starting from Rs 4,000 per sq.ft in 2012, dropping to Rs 2,680 per sq.ft in 2017, then rising to Rs 4,000 per sq.ft in 2023, and finally reaching Rs 4,400 per sq.ft in 2024.

What is the land classification for Srinivasa Nagar 2nd Street?

Srinivasa Nagar 2nd Street is classified as Residential Class II Type - II, indicating its use for residential purposes.

Which office handles property registrations for this area?

The Velacheri Sub Registrar Office handles property registrations for Srinivasa Nagar 2nd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in this area?

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.