Guideline Value for Sriram Nagar 2nd Street

Sriram Nagar 2nd Street guideline value

The current guideline value of Sriram Nagar 2nd 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. The land classification for this area is Residential Class II Type - III.

How the guideline value of Sriram Nagar 2nd Street has changed

In the 2017 revision, the guideline value was Rs 2,345 per sq.ft. This figure increased significantly to Rs 3,500 per sq.ft in the 2023 revision, marking a change of 49%. The most recent revision in 2024 saw the guideline value rise further to Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, indicating that Sriram Nagar 2nd Street's 2024 figure is below the median.

• Sriram Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Sriram Nagar 1st 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 2nd Street

For a 1,000 sq.ft plot at the current rate 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 guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sriram Nagar 2nd Street?

The Sub Registrar Office covering Sriram Nagar 2nd Street is 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 information.

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

The guideline value is a critical factor in the registration process for property transactions in Velachery. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate stamp duty on transactions.

When buying or selling property, the guideline value helps both parties understand the financial implications of the transaction. It is essential to consider the guideline value alongside the actual sale price, as the higher of the two will be used to calculate applicable duties and fees.

Frequently asked questions

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

The current guideline value of Sriram Nagar 2nd 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 changed from Rs 2,345 per sq.ft in 2017 to Rs 3,500 per sq.ft in 2023, and then to Rs 3,850 per sq.ft in 2024. This reflects an overall increase of 64% from 2017 to 2024.

What is the land classification of Sriram Nagar 2nd Street?

The land classification for Sriram Nagar 2nd Street is Residential Class II Type - III.

Where can I find the Sub Registrar Office for Sriram Nagar 2nd Street?

The Sub Registrar Office for Sriram Nagar 2nd Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Sriram Nagar 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 38,50,000, the stamp duty at 7% would be Rs 2,69,500.