Guideline Value for SAKTHI NAGAR 2nd STREET

SAKTHI NAGAR 2nd STREET guideline value

The current guideline value of SAKTHI NAGAR 2nd STREET is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Okkiyamthuraipakkam village under the Neelankarai SRO, classified as Residential Special Type - III.

How the guideline value of SAKTHI NAGAR 2nd STREET has changed

The guideline value for SAKTHI NAGAR 2nd STREET has undergone several revisions over the years. Starting from the 2003 revision, the value was Rs 234 per sq.ft. It increased significantly to Rs 1,200 per sq.ft in 2007, followed by a substantial rise to Rs 5,000 per sq.ft in 2012. However, there was a decrease to Rs 3,350 per sq.ft in the 2017 revision. The value then rose to Rs 5,000 per sq.ft in 2023, and finally, it reached Rs 5,500 per sq.ft in the 2024 revision.

Between these revisions, the changes were notable: from 2003 to 2007, the value increased by 413%; from 2007 to 2012, it rose by 317%; then it decreased by 33% from 2012 to 2017. The value surged by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. The overall increase from 2003 to 2024 is 2250%. The register has no figure for this street for the year 2002.

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 guideline value is Rs 3,300 per sq.ft, placing SAKTHI NAGAR 2nd STREET above this median.

• SAKTHI NAGAR 3rd STREET: Rs 5,500 per sq.ft (2024)
• SAKTHI NAGAR 4th STREET: Rs 5,500 per sq.ft (2024)
• SAKTHI NAGAR 1st STREET: Rs 5,500 per sq.ft (2024)
• SAKTHI NAGAR 5th STREET: Rs 5,000 per sq.ft (2024)
• SAKTHI NAGAR 6th STREET: Rs 5,000 per sq.ft (2024)
• SAKTHI NAGAR 7th STREET: Rs 5,000 per sq.ft (2024)

Stamp duty and registration fee for property in SAKTHI NAGAR 2nd STREET

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, resulting in a total of Rs 4,95,000. 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 2nd STREET?

The SAKTHI NAGAR 2nd STREET falls under 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 further assistance.

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

When buying or selling property in Okkiyamthuraipakkam, the guideline value plays a crucial role in determining the applicable stamp duty and registration fees. These costs are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

It is essential for buyers and sellers to be aware of the current guideline values in their respective areas, as these figures can significantly affect the overall costs associated with property transactions. Staying informed about the revisions and changes in guideline values can help in better financial planning during property dealings.

Frequently asked questions

What is the current guideline value of SAKTHI NAGAR 2nd STREET?

The current guideline value of SAKTHI NAGAR 2nd STREET is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 234 per sq.ft in 2003 to Rs 5,500 per sq.ft in 2024, with various revisions in between. Notably, there was a significant increase of 413% from 2003 to 2007 and a decrease of 33% from 2012 to 2017.

What is the median guideline value in Okkiyamthuraipakkam?

The median guideline value in Okkiyamthuraipakkam is Rs 3,300 per sq.ft. SAKTHI NAGAR 2nd STREET's guideline value is above this median.

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

Stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot at the current rate, the total costs amount to Rs 4,95,000.

Which office handles registrations for SAKTHI NAGAR 2nd STREET?

The Neelankarai Sub Registrar Office handles registrations for SAKTHI NAGAR 2nd STREET, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.