Guideline Value for Srinivasa Nagar Extn

Srinivasa Nagar Extn guideline value

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

How the guideline value of Srinivasa Nagar Extn has changed

The guideline value for Srinivasa Nagar Extn has seen several revisions over the years. In 2012, the guideline value was Rs 4,000 per sq.ft, which then decreased to Rs 2,680 per sq.ft in 2017. Following this, the value increased significantly to Rs 4,000 per sq.ft in 2023 and further to Rs 4,400 per sq.ft in 2024. There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it increased by 49%. The overall change from 2012 to 2024 shows a 10% increase, marking a return to the 2012 level by 2024.

Guideline values in Velachery

In Velachery, there are 2691 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 value is Rs 4,400 per sq.ft, which is equal to the guideline value of Srinivasa Nagar Extn.

• Srinivasa Nagar Ist Street: Rs 4,400 per sq.ft (2024)
• Srinivasa Nagar / Seenivas Nagar: Rs 4,950 per sq.ft (2024)
• Srinivasa Nagar 2nd Street: Rs 4,400 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 Extn

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, totaling Rs 3,96,000. 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 Sub Registrar Office that covers Srinivasa Nagar Extn 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 further assistance.

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

The guideline value plays a crucial role in the registration process of property transactions in Velachery. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold.

When registering a property, the guideline value is considered as a benchmark to ensure that the transaction is recorded accurately. This helps in maintaining transparency and ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Srinivasa Nagar Extn?

The current guideline value of Srinivasa Nagar Extn 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 from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, then to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,400 per sq.ft in 2024.

What is the classification of land in Srinivasa Nagar Extn?

Srinivasa Nagar Extn is classified as Residential Class II Type - II, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 44,00,000, the total fees would amount to Rs 3,96,000.

Where is the Sub Registrar Office located for Srinivasa Nagar Extn?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.