Guideline Value for Srinivasa Nagar

Srinivasa Nagar guideline value

The current guideline value of Srinivasa Nagar, located in Tondaiarpet village under the Royapuram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Srinivasa Nagar has changed

Over the years, the guideline value for Srinivasa Nagar has seen several revisions. The earliest recorded figure is from 2007, when the guideline value was Rs 600 per sq.ft. This figure increased significantly to Rs 1,200 per sq.ft in 2012, but then decreased to Rs 804 per sq.ft in 2017. The 2023 revision marked another increase to Rs 1,200 per sq.ft, and the most recent revision in 2024 set the guideline value at Rs 1,300 per sq.ft.

In terms of percentage changes, from 2007 to 2012, the guideline value increased by 100%. However, from 2012 to 2017, it decreased by 33%. The value then rose by 49% from 2017 to 2023, and finally increased by 8% from 2023 to 2024. Overall, the guideline value has risen by 117% from 2007 to 2024.

Guideline values in Tondaiarpet

In Tondaiarpet, there are 1,384 streets under the Royapuram SRO, with 2024 guideline values ranging from Rs 1,100 to Rs 10,100 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, indicating that the guideline value for Srinivasa Nagar is below this median.

• Srinivasapuram 1st Lane: Rs 1,100 per sq.ft (2024)
• Srinivasapuram 1st Street: Rs 1,100 per sq.ft (2024)
• Srinivasapuram 2nd Lane: Rs 1,100 per sq.ft (2024)
• Srinivasapuram 2nd Street: Rs 1,100 per sq.ft (2024)
• Srinivasapuram 3rd Lane: Rs 1,100 per sq.ft (2024)
• Srinivasapuram 4th Lane: Rs 1,100 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 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total cost for these fees to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, 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 Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration of property transactions in Tondaiarpet. It serves as the minimum value at which properties can be registered, ensuring that the state receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps determine the applicable fees based on the property's assessed value. Buyers should be aware that the stamp duty is calculated on either the guideline value or the sale price, whichever is higher, ensuring transparency in property transactions.

Frequently asked questions

What is the current guideline value of Srinivasa Nagar?

The current guideline value of Srinivasa Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2024, reflecting an overall increase of 117% over this period.

What is the land classification of Srinivasa Nagar?

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

Where is the Royapuram Sub Registrar Office located?

The Royapuram Sub Registrar Office is located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, along with a registration fee of 2% on the guideline value.