Guideline Value for Sulochana Nagar

Sulochana Nagar guideline value

The current guideline value of Sulochana Nagar is Rs 2,450 per sq.ft, effective from 1 July 2024. This area is located in Moulivakkam village under the Kunrathur Sub Registrar Office (SRO) and is classified as Residential Special Type - I.

How the guideline value of Sulochana Nagar has changed

Over the years, the guideline value of Sulochana Nagar has seen significant changes. In 2003, the guideline value was Rs 175 per sq.ft, which increased to Rs 500 per sq.ft in 2007. The 2012 revision saw the value rise to Rs 2,200 per sq.ft, but it then dropped to Rs 1,474 per sq.ft in 2017. The value increased again to Rs 2,200 per sq.ft in 2023, and finally, it reached Rs 2,450 per sq.ft in 2024, marking an 11% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. The 2012 to 2017 revision experienced a decrease of 33%. The 2007 to 2012 period saw a substantial increase of 340%, while the 2003 to 2007 period had an increase of 186%. Overall, from 2003 to 2024, the guideline value has increased by 1300%. The register has no figure for the year 2002 for this street.

Guideline values in Moulivakkam

In Moulivakkam, there are 44 streets under the Kunrathur SRO with a 2024 guideline value ranging from Rs 2,000 to Rs 3,900 per sq.ft. The median guideline value is Rs 2,450 per sq.ft, which is the same as the current value for Sulochana Nagar. Below are the guideline values for other streets in Moulivakkam:

• Taj Nagar: Rs 2,450 per sq.ft (2024)
• Stalin Nagar: Rs 2,000 per sq.ft (2024)
• Sri Sairam Avenue , Sathyanarayanapuram: Rs 2,450 per sq.ft (2024)
• Thangarajapuram: Rs 2,450 per sq.ft (2024)
• Sri Ranga Nagar: Rs 2,450 per sq.ft (2024)
• Srinivasapuram: Rs 2,450 per sq.ft (2024)

Stamp duty and registration fee for property in Sulochana Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,450 per sq.ft, the total guideline value amounts to Rs 24,50,000. The stamp duty at 7% would be Rs 1,71,500, and the registration fee at 2% would be Rs 49,000, bringing the total fees to Rs 2,20,500. 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.

Which Sub Registrar Office covers Sulochana Nagar?

Sulochana Nagar falls under the jurisdiction of the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Moulivakkam. It serves as a benchmark for determining the minimum value at which properties can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the property registration process.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. It is essential for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration of the property.

Frequently asked questions

What is the current guideline value of Sulochana Nagar?

The current guideline value of Sulochana Nagar is Rs 2,450 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 175 per sq.ft in 2003 to Rs 2,450 per sq.ft in 2024, with various revisions in between.

What is the land classification for Sulochana Nagar?

Sulochana Nagar is classified as Residential Special Type - I, which indicates its suitability for residential development.

Where can I find the Kunrathur SRO?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 24,50,000 incurs a stamp duty of Rs 1,71,500 and a registration fee of Rs 49,000.