Guideline Value for Sriram Nagar 2nd Main Road

Sriram Nagar 2nd Main Road guideline value

The current guideline value of Sriram Nagar 2nd Main Road is Rs 3,300 per sq.ft, effective from 1 July 2024. This road is located in Tambaram village, under the Tambaram Joint 1 SRO, and is classified as Residential Class I Type - I.

How the guideline value of Sriram Nagar 2nd Main Road has changed

Over the years, the guideline value of Sriram Nagar 2nd Main Road has seen significant changes. In 2007, the value was Rs 400 per sq.ft, which increased to Rs 3,000 per sq.ft in 2012. However, it then decreased by 33% to Rs 2,010 per sq.ft in 2017. Following this, the value rose sharply to Rs 3,000 per sq.ft in 2023, and currently stands at Rs 3,300 per sq.ft in 2024, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street. The overall increase from the 2007 revision to the 2024 revision is 725%.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO that carry a guideline value for 2024, ranging from Rs 880 to Rs 8,250 per sq.ft. The median value is Rs 3,300 per sq.ft, which is equal to the 2024 figure for Sriram Nagar 2nd Main Road.

• Sriram Nagar 1st Main Road: Rs 3,300 per sq.ft (2024)
• Sriram Nagar South: Rs 3,300 per sq.ft (2024)
• Sri Sai Nagar: Rs 3,300 per sq.ft (2024)
• Sri Sai Nagar Ext: Rs 2,200 per sq.ft (2024)
• Sri Sai Nagar Extension Vishwak Garden: Rs 3,800 per sq.ft (2024)
• Sri Sakthi nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sriram Nagar 2nd Main Road

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. Please note that 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 Sriram Nagar 2nd Main Road?

The Sub Registrar Office that covers Sriram Nagar 2nd Main Road is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Tambaram

When buying or selling property in Tambaram, the guideline value is crucial as it determines the amount of stamp duty and registration fees to be paid. The guideline value is set by the Registration Department and is used to assess the value of the property for registration purposes.

It is important for buyers and sellers to be aware of the guideline value as it can impact the overall cost of the transaction. Ensuring that the transaction reflects the guideline value can help avoid any legal complications during the registration process.

Frequently asked questions

What is the current guideline value of Sriram Nagar 2nd Main Road?

The current guideline value of Sriram Nagar 2nd Main Road is Rs 3,300 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 400 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024. There were fluctuations, including a decrease to Rs 2,010 per sq.ft in 2017 before rising again.

What is the land classification for Sriram Nagar 2nd Main Road?

Sriram Nagar 2nd Main Road is classified as Residential Class I Type - I. This classification is important for determining the permissible uses of the land.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, a 1,000 sq.ft plot at the current rate incurs a total of Rs 2,97,000 in fees.

Which office handles the registration for Sriram Nagar 2nd Main Road?

The registration for Sriram Nagar 2nd Main Road is handled by the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.