Guideline Value for Sriram Colony

Sriram Colony guideline value

The current guideline value of Sriram Colony, located in Chitlapakkam village under the Tambaram Joint 1 SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - II land classification.

How the guideline value of Sriram Colony has changed

The guideline value for Sriram Colony has seen several revisions over the years. In the 2012 revision, the guideline value was set at Rs 2,500 per sq.ft, which then decreased to Rs 1,675 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,500 per sq.ft in the 2023 revision, and currently stands at Rs 2,750 per sq.ft from the 2024 revision. There are no figures available for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a notable increase of 49%. The latest change from 2023 to 2024 reflects a 10% increase, resulting in an overall increase of 10% from 2012 to 2024.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing Sriram Colony's 2024 figure above this median.

• Sri Rajeswari Street: Rs 1,100 per sq.ft (2024)
• SriSarpujandar Street: Rs 1,650 per sq.ft (2024)
• Sri Jayendrar Street: Rs 1,100 per sq.ft (2024)
• State Bank Colony 2nd Street: Rs 2,750 per sq.ft (2024)
• State Bank Colony 3rd Street: Rs 4,430 per sq.ft (2024)
• State Bank Colony Ist Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Sriram Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, while the registration fee at 2% would be Rs 55,000, bringing the total cost for these fees to Rs 2,47,500. 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 precise calculations related to your property transactions.

Which Sub Registrar Office covers Sriram Colony?

The Sriram Colony area is covered by the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. To locate your SRO, you can find your SRO.

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

The guideline value is a critical factor in property transactions in Chitlapakkam, as it determines the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the transaction is compliant with local regulations.

Additionally, the guideline value serves as a benchmark for property pricing in the area. Buyers and sellers must consider this value to ensure that their transactions reflect the prevailing rates in the market.

Frequently asked questions

What is the current guideline value of Sriram Colony?

The current guideline value of Sriram Colony is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,750 per sq.ft in 2024.

What is the land classification for Sriram Colony?

Sriram Colony is classified under Residential Class I Type - II, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in Sriram Colony?

The stamp duty is calculated at 7%, and the registration fee is 2% of the guideline value. For a 1,000 sq.ft plot, the total fees amount to Rs 2,47,500.

Which office handles registrations for Sriram Colony?

The Tambaram Joint 1 Sub Registrar Office handles registrations for Sriram Colony, located at No.26, Mes Road, East Tambaram, Chennai-600059.