Guideline Value for Barathiar Street 2nd Street

Barathiar Street 2nd Street guideline value

The current guideline value of Barathiar Street 2nd 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 Barathiar Street 2nd Street has changed

The guideline value for Barathiar Street 2nd Street has seen several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 2,000 per sq.ft, which increased by 10% to Rs 2,200 per sq.ft in the 2024 revision.

This increase reflects a change from the previous year, with the 2023 to 2024 revision marking a notable adjustment. The current value is now aligned with other streets in the area, all set at Rs 2,200 per sq.ft for the 2024 revision.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with 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 Barathiar Street 2nd Street's 2024 figure below this median.

• Barathiar Street 1st Street: Rs 2,200 per sq.ft (2024)
• Barathiar Street 3rd Street: Rs 2,200 per sq.ft (2024)
• Barathiar Street: Rs 2,200 per sq.ft (2024)
• Barathiar Street 4th Street: Rs 2,200 per sq.ft (2024)
• Barathiar Street 5th Street: Rs 2,200 per sq.ft (2024)
• Barathiar Street 6th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Barathiar Street 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Barathiar Street 2nd Street?

The Sub Registrar Office that covers Barathiar Street 2nd 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 during the registration of property transactions in Madipakkam-1. It serves as the basis for calculating the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, it is essential to be aware of the guideline value as it can affect the overall cost of the transaction. Buyers should ensure that the sale price is not lower than the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Barathiar Street 2nd Street?

The current guideline value of Barathiar Street 2nd 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 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, reflecting a 10% increase. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft, with Barathiar Street 2nd Street's current value being below this median.

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. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Barathiar Street 2nd Street located?

The Sub Registrar Office for Barathiar Street 2nd Street is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.