Guideline Value for Sriram Nagar 1st Street

Sriram Nagar 1st Street guideline value

The current guideline value of Sriram Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO, classified as Residential Class II Type - III.

How the guideline value of Sriram Nagar 1st Street has changed

The guideline value for Sriram Nagar 1st Street has undergone several revisions over the years. The 2017 revision set the value at Rs 2,345 per sq.ft, which increased to Rs 3,500 per sq.ft in 2023. The most recent revision in 2024 raised the guideline value to Rs 3,850 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 64%.

There are no figures available for the revisions in the years 2002, 2003, 2007, and 2012 for this street. The significant changes between the revisions highlight the increase in the guideline value, particularly from 2017 to 2023, which saw a substantial rise of 49%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Sriram Nagar 1st Street's 2024 figure below that median.

• Sriram Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Sriram Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Sriram Nagar 4th Street: Rs 3,850 per sq.ft (2024)
• Sriram Nagar 5th Street: Rs 3,850 per sq.ft (2024)
• Sriram Nagar Colony: Rs 3,850 per sq.ft (2024)
• Sri Ram Nagar Ethiraj Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Sriram Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the 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, totaling Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sriram Nagar 1st Street?

The Sriram Nagar 1st Street falls under 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 Velachery

The guideline value is an essential factor in property transactions in Velachery, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value serves as a reference point for calculating the stamp duty and registration fees payable to the government.

It is crucial for buyers and sellers to be aware of the current guideline value, as it directly impacts the financial aspects of property transactions. Ensuring compliance with the guideline value helps facilitate a smooth registration process.

Frequently asked questions

What is the current guideline value of Sriram Nagar 1st Street?

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

How has the guideline value changed over the years?

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

What are the stamp duty and registration fees for properties in Sriram Nagar 1st Street?

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.

Where can I find the Sub Registrar Office for Sriram Nagar 1st Street?

The Sub Registrar Office for Sriram Nagar 1st Street is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum registration value of a property, which in turn affects the stamp duty and registration fees payable at the time of sale or purchase.