Guideline Value for Sriram Nagar

Sriram Nagar guideline value

The current guideline value of Sriram Nagar, located in Kovur village under the Kunrathur SRO, is Rs 1,320 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - II.

How the guideline value of Sriram Nagar has changed

The guideline value for Sriram Nagar has seen several revisions over the years. In 2007, the value was Rs 400 per sq.ft, which increased significantly to Rs 1,200 per sq.ft in 2012, marking a 200% rise. However, this value decreased to Rs 804 per sq.ft in 2017, a decline of 33%. The 2023 revision set the value at Rs 1,200 per sq.ft, and the most recent 2024 revision has increased it to Rs 1,320 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for Sriram Nagar in the 2002 and 2003 revisions. Overall, from 2007 to 2024, the guideline value has increased by 230%, showcasing the fluctuations in property valuation over the years.

Guideline values in Kovur

Kovur village has a total of 91 streets under the Kunrathur SRO that carry a guideline value for 2024, ranging from Rs 1,320 to Rs 3,300 per sq.ft, with a median value of Rs 1,650 per sq.ft. Sriram Nagar's 2024 figure is below this median, indicating its relative position within the village.

• Sri Sai Balaji Avenue: Rs 3,300 per sq.ft (2024)
• Sri Sai Garden: Rs 2,300 per sq.ft (2024)
• Sri Srinivasa Nagar: Rs 1,430 per sq.ft (2024)
• Sri Narayanan Nagar: Rs 1,650 per sq.ft (2024)
• Sri Thirumal Nagar: Rs 1,430 per sq.ft (2024)
• Sri Vaishnavi Avenue & Extention I, II: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Sriram Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, resulting in a total of Rs 1,18,800 for these charges. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more details on fees applicable to property transactions.

Which Sub Registrar Office covers Sriram Nagar?

The Sub Registrar Office that covers Sriram Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. For more information, you can find your SRO.

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

The guideline value is a critical factor in property transactions in Kovur. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value ensures that the transaction is documented at a fair value, preventing undervaluation.

During the registration process, buyers and sellers must consider the guideline value to calculate the applicable stamp duty and registration fees. The fees are based on the higher of the guideline value or the sale price, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sriram Nagar?

The current guideline value of Sriram Nagar is Rs 1,320 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 1,320 per sq.ft in 2024, with various revisions in between, including a drop to Rs 804 per sq.ft in 2017.

What is the land classification for Sriram Nagar?

The land classification for Sriram Nagar is Residential Special Type - II, indicating the nature of the properties in this area.

What are the stamp duty and registration fees for property in Sriram Nagar?

For a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400, and the registration fee would be Rs 26,400, totaling Rs 1,18,800.

Which office handles property registrations for Sriram Nagar?

The Kunrathur Sub Registrar Office handles property registrations for Sriram Nagar, located at No.59, Road Street, Kundrathur, Chennai -600 069.