Guideline Value for SAKTHI NAGAR 16th Street

SAKTHI NAGAR 16th Street guideline value

The current guideline value of SAKTHI NAGAR 16th Street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village, falling under the Virugambakkam SRO. The land classification for this area is Residential Class III Type - II.

How the guideline value of SAKTHI NAGAR 16th Street has changed

The guideline value for SAKTHI NAGAR 16th Street has seen several revisions over the years. The earliest recorded figure is from 2002, which was Rs 260 per sq.ft. This value increased to Rs 287 per sq.ft in 2003, marking a 10% rise. The next significant jump occurred in 2007, with the guideline value reaching Rs 400 per sq.ft, reflecting a 39% increase. The value then surged dramatically to Rs 2,250 per sq.ft in 2012, an increase of 463%. However, it dropped to Rs 1,507 per sq.ft in 2017, a decrease of 33%.

In 2023, the guideline value was revised to Rs 2,250 per sq.ft, and it further increased to Rs 2,500 per sq.ft in 2024, which is an 11% rise. Overall, from 2002 to 2024, the guideline value has increased by 862%.

Guideline values in Nerkundram

In Nerkundram, there are 476 streets under the Virugambakkam SRO, with guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, placing SAKTHI NAGAR 16th Street's 2024 figure above that median.

• SAKTHI NAGAR 15th Street: Rs 2,500 per sq.ft (2024)
• SAKTHI NAGAR 17th Street: Rs 2,500 per sq.ft (2024)
• SAKTHI NAGAR 14th Street: Rs 2,500 per sq.ft (2024)
• SAKTHI NAGAR 18th Street: Rs 2,500 per sq.ft (2024)
• SAKTHI NAGAR 13th Street: Rs 2,500 per sq.ft (2024)
• SAKTHI NAGAR 19th Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in SAKTHI NAGAR 16th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total fees to Rs 2,25,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers SAKTHI NAGAR 16th Street?

The Sub Registrar Office that covers SAKTHI NAGAR 16th Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, visit find your SRO.

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

The guideline value plays a crucial role in property transactions in Nerkundram. It is used to determine the stamp duty and registration fees that must be paid during the registration process. Buyers and sellers should be aware that the guideline value is set by the government and reflects the minimum value for property transactions in the area.

When a property is bought or sold, the guideline value is referenced to ensure that the transaction is registered at a value that meets legal requirements. This helps in maintaining transparency and accountability in property dealings.

Frequently asked questions

What is the current guideline value of SAKTHI NAGAR 16th Street?

The current guideline value of SAKTHI NAGAR 16th Street is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 260 per sq.ft in 2002 to Rs 2,500 per sq.ft in 2024, reflecting an overall increase of 862% over this period.

What is the land classification for SAKTHI NAGAR 16th Street?

The land classification for SAKTHI NAGAR 16th Street is Residential Class III Type - II.

Where can I find the Sub Registrar Office for SAKTHI NAGAR 16th Street?

The Sub Registrar Office covering SAKTHI NAGAR 16th Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for property transactions in SAKTHI NAGAR 16th Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total fees would amount to Rs 2,25,000.