Guideline Value for Srinivasan Nagar

Srinivasan Nagar guideline value

The current guideline value of Srinivasan Nagar is Rs 1,700 per sq.ft, effective from 1 July 2024. This area is located in Neelankarai village, under the Neelankarai SRO, and is classified as Residential Class III Type - I.

How the guideline value of Srinivasan Nagar has changed

The guideline value for Srinivasan Nagar has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 90 per sq.ft. In 2003, it increased to Rs 114 per sq.ft, marking a 27% rise. The value continued to rise significantly, reaching Rs 500 per sq.ft in 2007, which was a 339% increase from the previous figure. The 2012 revision set the value at Rs 1,500 per sq.ft, a 200% increase from 2007. However, in 2017, the value dropped to Rs 1,005 per sq.ft, reflecting a decrease of 33%.

From 2017 to 2023, the guideline value rose to Rs 1,500 per sq.ft, representing a 49% increase. The most recent revision in 2024 has set the guideline value at Rs 1,700 per sq.ft, which is a 13% increase from the previous year. There are no figures available for the years not mentioned in this register for Srinivasan Nagar.

Guideline values in Neelankarai

In Neelankarai, there are 377 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, indicating that the guideline value for Srinivasan Nagar is below this median. Below are the guideline values for other streets in Neelankarai:

• Srinivasapuram: Rs 1,700 per sq.ft (2024)
• Srinivasa Avenue: Rs 1,700 per sq.ft (2024)
• Sri Jaya Nagar: Rs 1,700 per sq.ft (2024)
• Sri Balaji Nagar: Rs 2,800 per sq.ft (2024)
• Sulthan Ahmed Street: Rs 1,700 per sq.ft (2024)
• Sundeep Avenue & Road: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Srinivasan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would amount to Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total fees to Rs 1,53,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Srinivasan Nagar?

The Sub Registrar Office that covers Srinivasan Nagar is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Neelankarai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. The guideline value is set by the Registration Department and is periodically revised based on various factors.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government collects the appropriate revenue from property transactions. It is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Srinivasan Nagar?

The current guideline value of Srinivasan Nagar is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 90 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, reflecting an overall increase of 1789% over the years.

What is the land classification for Srinivasan Nagar?

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

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in Srinivasan Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 17,00,000 would incur a stamp duty of Rs 1,19,000 at 7%.