Guideline Value for Srinivasa Nagar Main Road

Srinivasa Nagar Main Road guideline value

The current guideline value of Srinivasa Nagar Main Road is Rs 2,970 per sq.ft, effective from 1 July 2024. This road is located in Hastinapuram village, under the Pallavaram Sub Registrar Office (SRO), and is classified as Residential Class I Type - I.

How the guideline value of Srinivasa Nagar Main Road has changed

The guideline value for Srinivasa Nagar Main Road has undergone several revisions over the years. The earliest available figure is from 2007, which was Rs 525 per sq.ft. This value saw a significant increase to Rs 2,700 per sq.ft in 2012, marking a rise of 414%. However, this was followed by a decrease to Rs 1,809 per sq.ft in 2017, a drop of 33%. The subsequent revision in 2023 set the value at Rs 2,700 per sq.ft, reflecting a 49% increase. The most recent revision in 2024 brought the guideline value to Rs 2,970 per sq.ft, which is a 10% increase from the previous year.

It is important to note that there are no recorded figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 466%.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median value for these streets is Rs 2,970 per sq.ft, which is the same as the current guideline value for Srinivasa Nagar Main Road.

• Srinivasa Nagar 5th Cross Street: Rs 2,970 per sq.ft (2024)
• Srinivasa Nagar 4th Cross Street: Rs 2,970 per sq.ft (2024)
• Srinivasa Nagar 3rd Cross Street: Rs 2,970 per sq.ft (2024)
• Srinivasa Nagar 2nd Cross Street: Rs 2,970 per sq.ft (2024)
• Srinivasa Nagar 1st Cross Street: Rs 2,970 per sq.ft (2024)
• Srinivasan Street: Rs 2,970 per sq.ft (2024)

Stamp duty and registration fee for property in Srinivasa Nagar Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value would be Rs 29,70,000. The stamp duty at 7% would amount to Rs 2,07,900, while the registration fee at 2% would be Rs 59,400. Together, the total cost would be Rs 2,67,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Srinivasa Nagar Main Road?

The Sub Registrar Office that covers Srinivasa Nagar Main Road is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a critical factor in property transactions in Hastinapuram. It serves as a benchmark for determining the minimum value of property for registration purposes. When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

During the registration process, buyers and sellers must be aware that the stamp duty is charged on the higher of the guideline value or the sale price. This means that if the sale price of the property exceeds the guideline value, the stamp duty will be calculated based on the sale price instead.

Frequently asked questions

What is the current guideline value of Srinivasa Nagar Main Road?

The current guideline value of Srinivasa Nagar Main Road is Rs 2,970 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 525 per sq.ft in 2007 to Rs 2,970 per sq.ft in 2024, reflecting a total increase of 466% over the years.

What are the stamp duty and registration fees for properties on this road?

For a property valued at Rs 29,70,000, the stamp duty would be Rs 2,07,900 and the registration fee would be Rs 59,400, totaling Rs 2,67,300.

Which office handles the registration for properties on Srinivasa Nagar Main Road?

The Pallavaram Sub Registrar Office handles the registration for properties on Srinivasa Nagar Main Road, located at 7th Main Road, New Colony, Chromepet, Chennai-600044.

What is the land classification for Srinivasa Nagar Main Road?

The land classification for Srinivasa Nagar Main Road is Residential Class I Type - I, indicating its suitability for residential development.