Guideline Value for Srinivasa Nagar

Srinivasa Nagar guideline value

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

How the guideline value of Srinivasa Nagar has changed

Over the years, the guideline value of Srinivasa Nagar has experienced several revisions. The earliest recorded revision was in 2007, where the guideline value was Rs 245 per sq.ft. This figure saw a significant increase to Rs 1,200 per sq.ft in the 2012 revision, marking a rise of 390%. However, in 2017, the value decreased to Rs 804 per sq.ft, a drop of 33%. The 2023 revision maintained the value at Rs 1,200 per sq.ft, and this remained unchanged in the 2024 revision.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 390%. It is important to note that there are no figures available for the years 2002 and 2003 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. The median guideline value for these streets is Rs 1,200 per sq.ft, which is equal to the current value of Srinivasa Nagar.

• Srinivasa Nagar Extn: 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 Ragavendra Nagar: Rs 1,200 per sq.ft (2024)
• Sri Lakshmi Nagar Extn: Rs 1,200 per sq.ft (2024)
• Sri Ragavendra Nagar Extn-II to VIII: Rs 1,200 per sq.ft (2024)

Stamp duty and registration fee for property in Srinivasa Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,200 per sq.ft, the total guideline value amounts to Rs 12,00,000. The stamp duty is charged at 7%, which amounts to Rs 84,000, and the registration fee is charged at 2%, amounting to Rs 24,000. Together, these fees total Rs 1,08,000. It is important to 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?

The Sub Registrar Office that covers Srinivasa Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-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

When buying or selling property in Madambakkam, the guideline value plays a crucial role in determining the registration fees and stamp duty. The guideline value is used to assess the value of the property for taxation purposes, ensuring that the government receives the appropriate fees based on the property's worth.

During the registration process, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that all property transactions are fairly assessed and that the necessary fees are collected to support local governance.

Frequently asked questions

What is the current guideline value of Srinivasa Nagar?

The current guideline value of Srinivasa Nagar 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 significant increase from Rs 245 per sq.ft in 2007 to Rs 1,200 per sq.ft in 2012. The value remained at Rs 1,200 per sq.ft from 2012 to 2017, then decreased to Rs 804 per sq.ft in 2017, before returning to Rs 1,200 per sq.ft in 2023 and 2024.

What is the land classification for Srinivasa Nagar?

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

What are the stamp duty and registration fees for property in Srinivasa Nagar?

For a 1,000 sq.ft plot at the current guideline value, the total guideline value is Rs 12,00,000. The stamp duty at 7% amounts to Rs 84,000, and the registration fee at 2% amounts to Rs 24,000, totaling Rs 1,08,000.

Which Sub Registrar Office covers Srinivasa Nagar?

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