Guideline Value for Sriram Nagar South 2nd Street

Sriram Nagar South 2nd Street guideline value

The current guideline value of Sriram Nagar South 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Irumpuliyur village, under the Tambaram Joint 1 SRO, and is classified as Residential Special Type - III.

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

The guideline value for Sriram Nagar South 2nd Street has seen several revisions over the years. The earliest available figure is from 2012, which was Rs 3,000 per sq.ft. This value remained unchanged in the subsequent revision in 2017, where it dropped to Rs 2,010 per sq.ft, marking a decrease of 33%. However, from 2017 to 2023, the value increased significantly by 49% to reach Rs 3,000 per sq.ft. The most recent revision in 2024 raised the guideline value to Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Irumpuliyur

In Irumpuliyur village, there are 218 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 6,600 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of Sriram Nagar South 2nd Street is above this median.

• Sriram Nagar South 1st Street: Rs 3,300 per sq.ft (2024)
• Sriram Nagar South 3rd Street: Rs 3,300 per sq.ft (2024)
• Sriram Nagar South 4th Street: Rs 3,300 per sq.ft (2024)
• Sri Ram Nagar (South): Rs 3,300 per sq.ft (2024)
• Sriram Nagar South 5th Street: Rs 3,300 per sq.ft (2024)
• Sriram Nagar South 6th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sriram Nagar South 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, resulting in a total of Rs 2,97,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sriram Nagar South 2nd Street?

The Sub Registrar Office that covers Sriram Nagar South 2nd Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Irumpuliyur. It serves as a benchmark for determining the minimum value of property transactions, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is fairly assessed according to the prevailing market conditions.

Frequently asked questions

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

The current guideline value of Sriram Nagar South 2nd Street 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 from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, reflecting a 10% increase. It was Rs 2,010 per sq.ft in 2017, marking a significant increase of 49% to reach Rs 3,000 per sq.ft in 2023.

What is the land classification for Sriram Nagar South 2nd Street?

Sriram Nagar South 2nd Street is classified as Residential Special Type - III, which indicates its intended use for residential purposes.

Where can I find the Sub Registrar Office for this area?

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

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.