Guideline Value for Ayappa Nagar 8th Street

Ayappa Nagar 8th Street guideline value

The current guideline value of Ayappa Nagar 8th 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, classified as Residential Class II Type - I.

How the guideline value of Ayappa Nagar 8th Street has changed

The guideline value for Ayappa Nagar 8th Street has undergone 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 49% increase. The most recent 2024 revision has raised the 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%. It is important to note that there are no figures available for this street in the revisions for the years 2002, 2003, 2007, and 2012.

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 for these streets is Rs 2,750 per sq.ft, positioning Ayappa Nagar 8th Street's 2024 figure below that median.

• Ayappa Nagar 7th Street: Rs 2,200 per sq.ft (2024)
• Ayappa Nagar 9th Street: Rs 2,200 per sq.ft (2024)
• Ayappa Nagar 6th Street: Rs 2,750 per sq.ft (2024)
• Ayappa Nagar Extension: Rs 2,200 per sq.ft (2024)
• Ayappa Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• Ayappa Nagar 4th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Ayappa Nagar 8th 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, bringing the total fees to Rs 1,98,000. It is essential to note that the duty is charged on the higher of the guideline value and the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ayappa Nagar 8th Street?

The Ayappa Nagar 8th Street falls under the jurisdiction of 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 details.

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

The guideline value is a crucial factor in property transactions within Madipakkam-1. It serves as a benchmark for determining the minimum value of a property for registration purposes. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When registering a property, the guideline value helps in calculating the applicable stamp duty and registration fees, which are essential costs in any property transaction. These fees are based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value of Ayappa Nagar 8th Street?

The current guideline value of Ayappa Nagar 8th 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 changed from Rs 1,340 per sq.ft in 2017 to Rs 2,000 per sq.ft in 2023, and then to Rs 2,200 per sq.ft in 2024. This reflects a 64% increase from 2017 to 2024.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office handles registrations for Ayappa Nagar 8th Street?

The Velacheri Sub Registrar Office handles registrations for Ayappa Nagar 8th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the median guideline value in Madipakkam-1?

The median guideline value for streets in Madipakkam-1 is Rs 2,750 per sq.ft, which is higher than the current value of Ayappa Nagar 8th Street.