Guideline Value for Aalayamman Nagar 1st Street

Aalayamman Nagar 1st Street guideline value

The current guideline value of Aalayamman Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO and is classified as Residential Class II Type - I.

How the guideline value of Aalayamman Nagar 1st Street has changed

The guideline value for Aalayamman Nagar 1st Street has seen several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft, which increased to Rs 2,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 has further increased the guideline value to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. The register does not contain figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this village is Rs 2,750 per sq.ft, placing Aalayamman Nagar 1st Street's 2024 figure below that median.

• Aalayamman Nagar: Rs 2,200 per sq.ft (2024)
• Adhisankaran Street: Rs 2,200 per sq.ft (2024)
• Adhi Street: Rs 3,850 per sq.ft (2024)
• Agasthiyar Street: Rs 2,750 per sq.ft (2024)
• A.G.S. Colony: Rs 2,750 per sq.ft (2024)
• A.G.S. Colony 1st Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Aalayamman Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Aalayamman Nagar 1st Street?

The Aalayamman Nagar 1st Street is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor when registering property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value of a property for registration purposes, ensuring that the transaction is recorded at a fair value.

During the registration process, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers and sellers must be aware of these values to ensure compliance with legal requirements and to accurately estimate the costs involved in the transaction.

Frequently asked questions

What is the current guideline value of Aalayamman Nagar 1st Street?

The current guideline value of Aalayamman Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 64% over these years.

What is the land classification for Aalayamman Nagar 1st Street?

Aalayamman Nagar 1st Street is classified as Residential Class II Type - I.

Where can I find the registration office for Aalayamman Nagar 1st Street?

The registration office is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Aalayamman Nagar 1st Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.