Guideline Value for SAKTHI GARDEN 1ST CROSS STREET

Sakthi Garden 1st Cross Street guideline value

The current guideline value of Sakthi Garden 1st Cross Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Okkiyamthuraipakkam village, under the Neelankarai SRO, and is classified as Residential Class II Type - II.

How the guideline value of Sakthi Garden 1st Cross Street has changed

The guideline value for Sakthi Garden 1st Cross Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which then decreased to Rs 1,675 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased significantly by 49% to reach Rs 2,500 per sq.ft. The most recent revision in 2024 has further increased the guideline value to Rs 2,800 per sq.ft, marking a 12% increase from the previous year.

It is important to note that there are no figures available for this street in the revisions from 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by 12%.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, indicating that the guideline value for Sakthi Garden 1st Cross Street is below this median.

• Sakthi Garden: Rs 2,800 per sq.ft (2024)
• Sakthi Garden 2nd Cross Street: Rs 2,800 per sq.ft (2024)
• Sakthi Garden 3rd Cross Street: Rs 2,800 per sq.ft (2024)
• Sakthi Garden 4th Cross Street: Rs 2,800 per sq.ft (2024)
• Sakthi Garden Main Road: Rs 2,800 per sq.ft (2024)
• Sakthi Nagar: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Sakthi Garden 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, while the registration fee at 2% would be Rs 56,000, bringing the total cost for these fees to Rs 2,52,000. 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 accurate calculations based on your specific property details.

Which Sub Registrar Office covers Sakthi Garden 1st Cross Street?

The Sub Registrar Office that covers Sakthi Garden 1st Cross Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration of property transactions in Okkiyamthuraipakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when finalizing the sale price to ensure compliance with legal requirements.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Sakthi Garden 1st Cross Street?

The current guideline value of Sakthi Garden 1st Cross Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,800 per sq.ft in 2024, an increase of 12%. It was Rs 1,675 per sq.ft in 2017 and Rs 2,500 per sq.ft in 2012.

What is the land classification of Sakthi Garden 1st Cross Street?

Sakthi Garden 1st Cross Street is classified as Residential Class II Type - II.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 and the registration fee would be Rs 56,000, totaling Rs 2,52,000. These fees are based on the guideline value.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.