Guideline Value for Srinivasa Nagar

Srinivasa Nagar guideline value

The current guideline value of Srinivasa Nagar in Madipakkam-1 village, under the Velacheri SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Srinivasa Nagar has changed

The guideline value for Srinivasa Nagar has seen several revisions over the years. The 2017 revision set the value at Rs 2,345 per sq.ft, which was then increased to Rs 3,500 per sq.ft in the 2023 revision. The latest revision in 2024 raised the value further to Rs 3,850 per sq.ft, marking a 10% increase from the previous year.

Between the 2017 and 2023 revisions, the guideline value increased by 49%, and overall, from 2017 to 2024, there has been a 64% increase. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, making the current value of Rs 3,850 per sq.ft for Srinivasa Nagar above the median.

• Srinivasan 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Srinivasa Nagar 4th street: Rs 3,850 per sq.ft (2024)
• Srinivasa Nagar 5th Cross Street: Rs 3,850 per sq.ft (2024)
• Srinivasa Nagar 5th Street: Rs 3,850 per sq.ft (2024)
• Srinivasa Nagar Arivoli Street: Rs 3,850 per sq.ft (2024)
• Srinivasa Nagar Bageerathi Nagar: Rs 3,850 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 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, making the total cost for these charges Rs 3,46,500. Note that the duty is charged on the higher of the guideline value or 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 Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Madipakkam-1

When buying or selling property in Madipakkam-1, the guideline value is a crucial factor as it determines the stamp duty and registration fees payable at the time of registration. The guideline value is set by the Registration Department and is periodically revised to reflect changes in the real estate market.

It is essential for buyers and sellers to be aware of the current guideline value to ensure that they comply with the legal requirements during the transaction. This value serves as a benchmark for property transactions in the area.

Frequently asked questions

What is the current guideline value of Srinivasa Nagar?

The current guideline value of Srinivasa Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 2,345 per sq.ft to Rs 3,850 per sq.ft in 2024, representing a total increase of 64% over this period.

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

For a property valued at Rs 38,50,000, the stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500.

Which Sub Registrar Office covers Srinivasa Nagar?

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

What is the land classification of Srinivasa Nagar?

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