Guideline Value for Sriram Nagar South

Sriram Nagar South guideline value

The current guideline value of Sriram Nagar South is Rs 3,300 per sq.ft, effective from 1 July 2024. This area falls under Tambaram village, registered with the Tambaram Joint 1 SRO, and is classified as Residential Class I Type - I.

How the guideline value of Sriram Nagar South has changed

The guideline value for Sriram Nagar South has seen several revisions over the years. In 2007, the value was Rs 400 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012. However, it then decreased to Rs 2,010 per sq.ft in 2017. The 2023 revision marked an increase to Rs 3,000 per sq.ft, and the latest revision in 2024 raised it further to Rs 3,300 per sq.ft.

From 2007 to 2024, the overall increase in the guideline value is 725%. Notably, the change from 2023 to 2024 reflects a 10% increase, while the jump from 2017 to 2023 was 49%. The 2012 to 2017 period saw a decrease of 33%, and the 2007 to 2012 period experienced a remarkable increase of 650%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO with a 2024 guideline value ranging from Rs 880 to Rs 8,250 per sq.ft. The median value is Rs 3,300 per sq.ft, which matches the current value for Sriram Nagar South.

• Sriram Nagar 2nd Main Road: Rs 3,300 per sq.ft (2024)
• Sriram Nagar 1st Main Road: 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 South

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total 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, making the total cost Rs 2,97,000. It is important to note that the 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 South?

The Sub Registrar Office that covers Sriram Nagar South 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

The guideline value plays a crucial role in the registration process when buying or selling property in Tambaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Sriram Nagar South?

The current guideline value of Sriram Nagar South 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 400 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 725% over the years.

What is the land classification for Sriram Nagar South?

Sriram Nagar South is classified as Residential Class I Type - I, indicating its designation for residential purposes.

Where is the Sub Registrar Office for Sriram Nagar South located?

The Sub Registrar Office for Sriram Nagar South is located at No.26, Mes Road, East Tambaram, Chennai-600059, under the Chengalpattu registration zone.

How is the stamp duty calculated for properties in Sriram Nagar South?

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 7%.