Guideline Value for Srinivasan Street

Srinivasan Street guideline value

The current guideline value of Srinivasan Street in Selaiyur village, under the Selaiyur SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of Srinivasan Street has changed

The guideline value for Srinivasan Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. However, the value increased significantly to Rs 2,000 per sq.ft in the 2023 revision and further to Rs 2,200 per sq.ft in the latest 2024 revision. Notably, there are no figures available for the revisions from 2002, 2003, and 2007 in the register for this street.

From the 2012 to 2017 period, the guideline value decreased by 33%. However, from 2017 to 2023, it increased by 49%. The overall change from 2012 to 2024 shows a modest increase of 10%.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,500 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, which matches the current value of Srinivasan Street.

• Srinivasa Nagar Ext: Rs 2,200 per sq.ft (2024)
• Srinivasa Nagar: Rs 2,200 per sq.ft (2024)
• Sri Ramakrishna Nagar: Rs 1,300 per sq.ft (2024)
• Sri Ram Nagar: Rs 2,900 per sq.ft (2024)
• Sri Ram Nagar 1 to 4th Street: Rs 2,900 per sq.ft (2024)
• Sri Ram Nagar Ext: Rs 2,900 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 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, leading to a total of Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Srinivasan Street?

The Sub Registrar Office covering Srinivasan Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Selaiyur. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with legal requirements.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. This helps in maintaining transparency and accountability in real estate transactions.

Frequently asked questions

What is the current guideline value of Srinivasan Street?

The current guideline value of Srinivasan Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What are the stamp duty and registration fees for a property on Srinivasan Street?

For a property valued at Rs 22,00,000, the stamp duty at 7% is Rs 1,54,000, and the registration fee at 2% is Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office is responsible for Srinivasan Street?

The Selaiyur Sub Registrar Office is responsible for Srinivasan Street, located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Chennai - 600 073.

What is the land classification of Srinivasan Street?

Srinivasan Street falls under the Residential Class I Type - I land classification, indicating its suitability for residential purposes.