Guideline Value for Srinivasa Nagar Extn.

Srinivasa Nagar Extn. guideline value

The current guideline value of Srinivasa Nagar Extn. is Rs 2,000 per sq.ft, effective from 1 July 2024. This area is located in Kathirvedu village and falls under the Ambattur Sub Registrar Office (SRO). The land classification for this area is Residential Class II Type - III.

How the guideline value of Srinivasa Nagar Extn. has changed

The guideline value for Srinivasa Nagar Extn. has undergone several revisions over the years. The earliest recorded figure is from 2007, when it was Rs 500 per sq.ft. In 2012, it increased significantly to Rs 1,900 per sq.ft, marking a 280% rise. However, by 2017, the value dropped to Rs 1,273 per sq.ft, a decrease of 33%. The 2023 revision saw a substantial increase to Rs 1,900 per sq.ft, followed by the current rate of Rs 2,000 per sq.ft in 2024, reflecting a 5% increase.

From 2017 to 2023, the guideline value rose by 49%. Overall, from the 2007 figure to the current 2024 rate, there has been a total increase of 300%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Kathirvedu

Kathirvedu village has 78 streets under the Ambattur SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value for these streets is Rs 1,500 per sq.ft, placing Srinivasa Nagar Extn.'s 2024 figure above this median.

• Srinivasa Nagar: Rs 2,000 per sq.ft (2024)
• Sri Padmavathy Nagar: Rs 2,700 per sq.ft (2024)
• Sri Lakshmi Nagar: Rs 1,800 per sq.ft (2024)
• Sri Lakshmi Amman Nagar: Rs 1,500 per sq.ft (2024)
• Sri Ranga Avenue (Madras City Co- Operarive Building Socity Nagar): Rs 2,200 per sq.ft (2024)
• Sri Sai Nagar: Rs 1,400 per sq.ft (2024)

Stamp duty and registration fee for property in Srinivasa Nagar Extn.

For a 1,000 sq.ft plot at the current guideline value of Rs 2,000 per sq.ft, the total guideline value amounts to Rs 20,00,000. The stamp duty at 7% would be Rs 1,40,000, and the registration fee at 2% would be Rs 40,000, making the total cost Rs 1,80,000. 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 Srinivasa Nagar Extn.?

The Srinivasa Nagar Extn. area is covered by the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur- 600 053, Chennai registration zone. You can find your SRO online for more information.

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

The guideline value is a crucial factor in the registration of property transactions in Kathirvedu. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during the transaction process.

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 the appropriate revenue from property transactions, reflecting the current market conditions.

Frequently asked questions

What is the current guideline value of Srinivasa Nagar Extn.?

The current guideline value of Srinivasa Nagar Extn. is Rs 2,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 500 per sq.ft in 2007 to Rs 2,000 per sq.ft in 2024, reflecting an overall increase of 300% over this period.

What is the stamp duty for property in Srinivasa Nagar Extn.?

The stamp duty for property in Srinivasa Nagar Extn. is 7% of the guideline value or sale price, whichever is higher. For example, on a Rs 20,00,000 property, the stamp duty would be Rs 1,40,000.

Which Sub Registrar Office covers this area?

The Ambattur Sub Registrar Office covers Srinivasa Nagar Extn., located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur- 600 053, Chennai registration zone.

What are the guideline values of other streets in Kathirvedu?

Other streets in Kathirvedu have varying guideline values, with rates ranging from Rs 1,100 to Rs 6,000 per sq.ft. For instance, Sri Padmavathy Nagar has a guideline value of Rs 2,700 per sq.ft in 2024.