Guideline Value for Barathiar Street 5th Street

Barathiar Street 5th Street guideline value

The current guideline value of Barathiar Street 5th 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 it falls under the Residential Class II Type - I land classification.

How the guideline value of Barathiar Street 5th Street has changed

The guideline value for Barathiar Street 5th Street has undergone several revisions over the years. The register does not contain figures for the years 2002, 2003, 2007, 2012, and 2017. The most recent revision in 2023 set the value at 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 consistent adjustment in the guideline values over the years, with the most notable change occurring from 2023 to 2024. The current rate is now established at Rs 2,200 per sq.ft as of July 2024.

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, placing Barathiar Street 5th Street's current value below this median.

• Barathiar Street 4th Street: Rs 2,200 per sq.ft (2024)
• Barathiar Street 6th Street: Rs 2,200 per sq.ft (2024)
• Barathiar Street 3rd Street: Rs 2,200 per sq.ft (2024)
• Barathiar Street 7th Street: Rs 2,200 per sq.ft (2024)
• Barathiar Street 2nd Street: Rs 2,200 per sq.ft (2024)
• Barathiar Street 8th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Barathiar Street 5th 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 fees together to 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 information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Barathiar Street 5th Street?

The Sub Registrar Office that covers Barathiar Street 5th 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 details.

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

The guideline value plays a crucial role in the registration process of property transactions in Madipakkam-1. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold.

When registering a property, the buyer must pay the applicable stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Barathiar Street 5th Street?

The current guideline value of Barathiar Street 5th Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed recently?

Recently, the guideline value increased from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, marking a 10% increase.

What is the land classification for Barathiar Street 5th Street?

Barathiar Street 5th Street is classified under Residential Class II Type - I.

Where can I find the Sub Registrar Office for Barathiar Street 5th Street?

The Sub Registrar Office for Barathiar Street 5th Street is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in Madipakkam-1?

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