Guideline Value for Alaiaimman Nagar Main Road 1st Street

Alaiaimman Nagar Main Road 1st Street guideline value

The current guideline value of Alaiaimman Nagar Main Road 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. The land classification for this area is Residential Class II Type - I.

How the guideline value of Alaiaimman Nagar Main Road 1st Street has changed

The guideline value for Alaiaimman Nagar Main Road 1st Street has seen several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% increase. The most recent 2024 revision raised the value to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Notably, there are no recorded guideline values for this street in the years 2002, 2003, 2007, and 2012. Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with the 2024 guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, placing Alaiaimman Nagar Main Road 1st Street below this median value.

• Alaiaimman Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Alaiaimman Nagar Main Road 2nd Street: Rs 2,200 per sq.ft (2024)
• Amaravathi Avenue: Rs 3,300 per sq.ft (2024)
• A.G.S. Colony, Saraswathi Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• A.G.S. Colony Cross Street: Rs 2,750 per sq.ft (2024)
• A.G.S. Colony 8th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Alaiaimman Nagar Main Road 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, while the registration fee at 2% would be Rs 44,000. Together, the total fees would be 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.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Alaiaimman Nagar Main Road 1st Street?

The Sub Registrar Office that covers Alaiaimman Nagar Main Road 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Alaiaimman Nagar Main Road 1st Street?

The current guideline value of Alaiaimman Nagar Main Road 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 a total increase of 64% over this period.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value, while the registration fee is charged at 2%. For example, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 and a registration fee of Rs 44,000.

Which office handles the registration for Alaiaimman Nagar Main Road 1st Street?

The Velacheri Sub Registrar Office handles the registration for Alaiaimman Nagar Main Road 1st Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Alaiaimman Nagar Main Road 1st Street?

The land classification for Alaiaimman Nagar Main Road 1st Street is Residential Class II Type - I.