Guideline Value for Srinivasan Street

Srinivasan Street guideline value

The current guideline value of Srinivasan Street, located in Hastinapuram village under the Pallavaram SRO, is Rs 2,970 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class I Type - I land classification.

How the guideline value of Srinivasan Street has changed

Over the years, the guideline value of Srinivasan Street has seen several revisions. The 2007 revision set the value at Rs 350 per sq.ft, which significantly increased to Rs 2,700 per sq.ft in the 2012 revision. However, this value dropped by 33% to Rs 1,809 per sq.ft in the 2017 revision. The 2023 revision then raised it to Rs 2,700 per sq.ft, and the most recent 2024 revision has further increased it to Rs 2,970 per sq.ft, marking a 10% rise from the previous year.

In summary, from the 2007 revision to the 2024 revision, the guideline value has increased by a total of 749%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO that carry a 2024 guideline value figure, ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median value for these streets is Rs 2,970 per sq.ft, which is the same as the guideline value for Srinivasan Street.

• Srinivasa Nagar Main Road: Rs 2,970 per sq.ft (2024)
• Srinivasa Nagar 5th Cross Street: Rs 2,970 per sq.ft (2024)
• Srinivasa Nagar 4th Cross Street: Rs 2,970 per sq.ft (2024)
• Srinivasa Nagar 3rd Cross Street: Rs 2,970 per sq.ft (2024)
• Srinivasa Nagar 2nd Cross Street: Rs 2,970 per sq.ft (2024)
• Srinivasa Nagar 1st Cross Street: Rs 2,970 per sq.ft (2024)

Stamp duty and registration fee for property in Srinivasan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value amounts to Rs 29,70,000. The stamp duty at 7% would be Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, bringing the total to Rs 2,67,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Srinivasan Street?

The Sub Registrar Office that covers Srinivasan Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

To find your SRO, you can visit find your SRO.

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

The guideline value is a critical factor in property transactions, as it determines the minimum value at which a property can be registered in the state. When a buyer and seller agree on a sale price, the registration process will consider the guideline value to ensure that the transaction is compliant with state regulations.

During registration, the stamp duty and registration fees are calculated based on the guideline value or the agreed sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in Hastinapuram.

Frequently asked questions

What is the current guideline value of Srinivasan Street?

The current guideline value of Srinivasan Street is Rs 2,970 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 350 per sq.ft to Rs 2,970 per sq.ft in 2024, marking an overall increase of 749%. There have been several revisions, with the most recent being a 10% increase from 2023 to 2024.

What is the land classification for Srinivasan Street?

Srinivasan Street falls under the Residential Class I Type - I land classification. This classification is important for determining the usage and potential development of the land.

Where can I find the registration office for Srinivasan Street?

The registration office for Srinivasan Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is the stamp duty calculated for properties in Hastinapuram?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. In addition to stamp duty, a registration fee is also applicable, and both fees are essential for completing the property registration process.