Guideline Value for SABARI NAGAR

Sabari Nagar guideline value

The current guideline value of Sabari Nagar, located in Medavakkam village, is Rs 2,200 per sq.ft as per the 2024 revision, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Sabari Nagar has changed

Over the years, the guideline value of Sabari Nagar has seen significant changes. The earliest recorded revision in 2002 set the value at Rs 77 per sq.ft. This increased to Rs 90 per sq.ft in 2003, marking a rise of 17%. The value continued to rise dramatically, reaching Rs 500 per sq.ft in 2007, which was a substantial increase of 456%. Following this, the 2012 revision saw a decrease to Rs 2,000 per sq.ft, reflecting a drop of 300% from the previous figure. However, the value rebounded to Rs 1,340 per sq.ft in 2017, showing a 49% increase. The 2023 revision further increased the value to Rs 2,000 per sq.ft, and the most recent 2024 revision set it at Rs 2,200 per sq.ft, which is a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in years other than those mentioned. The overall change from 2002 to 2024 represents an increase of 2,757%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which matches the current value for Sabari Nagar.

• Sagadevan Street: Rs 2,200 per sq.ft (2024)
• Royal Garden: Rs 2,200 per sq.ft (2024)
• Sai Garden: Rs 3,300 per sq.ft (2024)
• Roja Street (Senthamizh Nagar): Rs 2,750 per sq.ft (2024)
• Sairam Nagar 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Sairam Nagar 1st Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sabari Nagar

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 to Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sabari Nagar?

Sabari Nagar falls under the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Medavakkam

The guideline value is a critical component in the property registration process. When buying or selling property in Medavakkam, the guideline value is used to determine the stamp duty and registration fees, ensuring that both parties are aware of the financial obligations involved in the transaction.

It is essential for buyers and sellers to check the current guideline value before proceeding with any property transaction. This value not only impacts the costs associated with registration but also provides a reference point for the property's worth in the area.

Frequently asked questions

What is the current guideline value of Sabari Nagar?

The current guideline value of Sabari Nagar is Rs 2,200 per sq.ft as per the 2024 revision.

How has the guideline value changed over the years?

The guideline value has increased from Rs 77 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 2,757%.

What is the classification of land in Sabari Nagar?

Sabari Nagar is classified as Residential Class I Type - I.

Where can I find the Sub Registrar Office for Sabari Nagar?

The Sub Registrar Office covering Sabari Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in Sabari Nagar?

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