Guideline Value for SAKTHI NAGAR 23rd Street

SAKTHI NAGAR 23rd Street guideline value

The current guideline value of SAKTHI NAGAR 23rd Street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village under the Virugambakkam SRO and falls under the Residential Class III Type - II land classification.

How the guideline value of SAKTHI NAGAR 23rd Street has changed

The guideline value for SAKTHI NAGAR 23rd Street has undergone several revisions since 2002. In 2002, the guideline value was Rs 260 per sq.ft, which increased to Rs 287 per sq.ft in 2003, marking a 10% rise. The value continued to rise significantly, reaching Rs 400 per sq.ft in 2007, a substantial increase of 39%. Following this, the value surged to Rs 2,250 per sq.ft in 2012, reflecting a remarkable increase of 463% over the previous revision.

However, from 2012 to 2017, the guideline value saw a decrease to Rs 1,507 per sq.ft, a decline of 33%. The trend reversed again, as the value climbed to Rs 2,250 per sq.ft in 2023, followed by the current rate of Rs 2,500 per sq.ft in 2024, an increase of 11% from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 862%.

Guideline values in Nerkundram

Nerkundram village has a total of 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 for these streets is Rs 2,200 per sq.ft, placing SAKTHI NAGAR 23rd Street above this median.

• SAKTHI NAGAR 22nd Street: Rs 2,500 per sq.ft (2024)
• SAKTHI NAGAR 24th Street: Rs 2,500 per sq.ft (2024)
• SAKTHI NAGAR 21st Street: Rs 2,500 per sq.ft (2024)
• SAKTHI NAGAR 25th Street: Rs 2,500 per sq.ft (2024)
• SAKTHI NAGAR 20th Street: Rs 2,500 per sq.ft (2024)
• SAKTHI NAGAR 2nd Cross Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in SAKTHI NAGAR 23rd 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's important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers SAKTHI NAGAR 23rd Street?

The Sub Registrar Office covering SAKTHI NAGAR 23rd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a critical factor in the registration process for property transactions in Nerkundram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of SAKTHI NAGAR 23rd Street?

The current guideline value of SAKTHI NAGAR 23rd 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 of SAKTHI NAGAR 23rd Street?

SAKTHI NAGAR 23rd Street is classified as Residential Class III Type - II, indicating its suitability for residential purposes.

Where can I find the registration office for SAKTHI NAGAR 23rd Street?

The registration office for SAKTHI NAGAR 23rd 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 in SAKTHI NAGAR 23rd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000 at a rate of 7%.