Guideline Value for Srinivasa Nagar

Srinivasa Nagar guideline value

The current guideline value of Srinivasa Nagar, located in Kottivakkam village under the Adayar SRO, is Rs 3,900 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Srinivasa Nagar has changed

In the 2012 revision, the guideline value was Rs 3,500 per sq.ft. This figure remained until the 2017 revision, where it decreased to Rs 2,345 per sq.ft, marking a decline of 33%. The 2023 revision saw a significant increase to Rs 3,500 per sq.ft, followed by another increase to Rs 3,900 per sq.ft in the 2024 revision, representing an increase of 11% from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 11%. The 2017 revision did not have a figure for this street, and there are no figures available for the revisions in 2002, 2003, and 2007.

Guideline values in Kottivakkam

In Kottivakkam, there are 284 streets under the Adayar SRO that carry a 2024 guideline value, ranging from Rs 1,700 to Rs 8,500 per sq.ft. The median value is Rs 3,900 per sq.ft, which is equal to the guideline value of Srinivasa Nagar.

• Srinivasa Nagar 1st Street: Rs 3,900 per sq.ft (2024)
• Srinivasa Nagar 2nd Street: Rs 3,900 per sq.ft (2024)
• Srinivasa Nagar Main Road: Rs 3,900 per sq.ft (2024)
• Sri Ram Avenue 1st Street: Rs 3,900 per sq.ft (2024)
• Sri Ram Avenue 2nd Street: Rs 3,900 per sq.ft (2024)
• Sri Ram Avenue 3rd Street: Rs 3,900 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 3,900 per sq.ft, the total guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total fees together to Rs 3,51,000. 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?

The Sub Registrar Office that covers Srinivasa Nagar is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kottivakkam. It serves as the basis for calculating stamp duty and registration fees during the sale or purchase of property. Buyers and sellers must be aware of the current guideline values to ensure compliance with legal requirements.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Srinivasa Nagar?

The current guideline value of Srinivasa Nagar is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has seen various changes, with a peak of Rs 3,500 per sq.ft in 2012, dropping to Rs 2,345 per sq.ft in 2017, and then rising to Rs 3,900 per sq.ft in 2024.

What is the land classification for Srinivasa Nagar?

The land classification for Srinivasa Nagar is Residential Class II Type - I, indicating its suitability for residential purposes.

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

The Sub Registrar Office for Srinivasa Nagar is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

How is stamp duty calculated in Kottivakkam?

Stamp duty in Kottivakkam is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 39,00,000 would incur a stamp duty of Rs 2,73,000 at 7%.