Guideline Value for Srinivasa Nagar Extn

Srinivasa Nagar Extn guideline value

The current guideline value of Srinivasa Nagar Extn is Rs 1,200 per sq.ft, effective from 1 July 2024. This area is located in Madambakkam village, under the Gooduvancheri SRO, and is classified as Commercial Special Type - I.

How the guideline value of Srinivasa Nagar Extn has changed

Over the years, the guideline value of Srinivasa Nagar Extn has seen several revisions. The 2007 revision recorded a value of Rs 245 per sq.ft, which increased significantly to Rs 1,200 per sq.ft in the 2012 revision. However, this figure saw a decrease of 33% to Rs 804 per sq.ft in the 2017 revision. The 2023 revision maintained the value at Rs 1,200 per sq.ft, and the 2024 revision also holds the same value, reflecting no change from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has risen by 390%. It's important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Madambakkam

In Madambakkam, there are 110 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 800 to Rs 2,000 per sq.ft, with the median being Rs 1,200 per sq.ft. The guideline value for Srinivasa Nagar Extn is equal to this median.

• Srinivasa Nagar: Rs 1,200 per sq.ft (2024)
• Sri Ragavendra Nagar: Rs 1,200 per sq.ft (2024)
• Sri Ragavendra Nagar Extn-II to VIII: Rs 1,200 per sq.ft (2024)
• Sri Lakshmi Narayan Perumal Avenue: Rs 1,200 per sq.ft (2024)
• Sri Lakshmi Narayana Nagar: Rs 1,200 per sq.ft (2024)
• SRI Ramanar Nagar: Rs 1,201 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, the total guideline value would be Rs 12,00,000. The stamp duty is charged at 7%, amounting to Rs 84,000, and the registration fee is charged at 2%, which is Rs 24,000. Therefore, the total cost for stamp duty and registration fees would be Rs 1,08,000. Note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Srinivasa Nagar Extn?

The Sub Registrar Office covering Srinivasa Nagar Extn is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. When you buy or sell property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

Additionally, the guideline value helps maintain transparency in property transactions, preventing undervaluation and ensuring that the government receives appropriate revenue from property sales. Buyers and sellers should always refer to the latest guideline values to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Srinivasa Nagar Extn?

The current guideline value of Srinivasa Nagar Extn is Rs 1,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most recent changes showing no increase from 2023 to 2024. The value increased by 49% from 2017 to 2023, and overall, it has risen by 390% from 2007 to 2024.

What is the land classification of Srinivasa Nagar Extn?

Srinivasa Nagar Extn is classified as Commercial Special Type - I, indicating its suitability for commercial activities.

Where can I find the Sub Registrar Office for Srinivasa Nagar Extn?

The Gooduvancheri Sub Registrar Office covers Srinivasa Nagar Extn and is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Srinivasa Nagar Extn?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a plot valued at Rs 12,00,000, the stamp duty would be Rs 84,000 at a rate of 7%.