Guideline Value for Suresh Nagar 3rd Street

Suresh Nagar 3rd Street guideline value

The current guideline value of Suresh Nagar 3rd Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village under the Virugambakkam SRO, classified as Residential Class II Type - I.

How the guideline value of Suresh Nagar 3rd Street has changed

The guideline value for Suresh Nagar 3rd Street has undergone several revisions since 2002. In 2002, the value was Rs 387 per sq.ft, which increased to Rs 421 per sq.ft in 2003, marking a 9% rise. The value saw a significant jump to Rs 500 per sq.ft in 2007, a 19% increase from the previous revision. This was followed by a remarkable increase to Rs 3,500 per sq.ft in 2012, reflecting a 600% rise. However, the value dropped to Rs 2,345 per sq.ft in 2017, a decrease of 33%. The latest revision in 2024 has brought the guideline value back up to Rs 3,850 per sq.ft, representing a 64% increase from 2017.

It is important to note that there is no figure available for the year 2023 for Suresh Nagar 3rd Street. Overall, from 2002 to 2024, the guideline value has increased by 895%.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median value is Rs 3,850 per sq.ft, which matches the guideline value for Suresh Nagar 3rd Street.

• Suresh Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Suresh Nagar 4th Street: Rs 3,850 per sq.ft (2024)
• Suresh Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Suresh Nagar Main Road: Rs 3,850 per sq.ft (2024)
• Tahore Street: Rs 3,850 per sq.ft (2024)
• Subramaniya Samy Nagar 9th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Suresh Nagar 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to 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 higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Suresh Nagar 3rd Street?

The Suresh Nagar 3rd Street falls under the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is an essential factor in property transactions in Valasaravakkam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration office will use it to calculate applicable taxes and fees.

When you register a property, the guideline value is used to assess stamp duty and registration fees. This ensures that the government collects the appropriate revenue based on the property's assessed value, which is particularly important for maintaining transparency in real estate transactions.

Frequently asked questions

What is the current guideline value of Suresh Nagar 3rd Street?

The current guideline value of Suresh Nagar 3rd 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 significantly from Rs 387 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 895%.

What are the stamp duty rates for properties in Suresh Nagar 3rd Street?

The stamp duty for properties in Suresh Nagar 3rd Street is 7% of the guideline value, while the registration fee is 2% of the guideline value.

Which office handles property registrations for Suresh Nagar 3rd Street?

The Virugambakkam Sub Registrar Office handles property registrations for Suresh Nagar 3rd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

Are there other streets with the same guideline value in Valasaravakkam?

Yes, there are several other streets in Valasaravakkam with the same guideline value of Rs 3,850 per sq.ft, including Suresh Nagar 1st Street, Suresh Nagar 2nd Street, Suresh Nagar 4th Street, Suresh Nagar Main Road, Tahore Street, and Subramaniya Samy Nagar 9th Street.