Guideline Value for SAKTHI NAGAR

Sakthi Nagar guideline value

The current guideline value of Sakthi Nagar, located in Korattur village under the Villivakkam SRO, is Rs 2,500 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - III land classification.

How the guideline value of Sakthi Nagar has changed

The guideline value of Sakthi Nagar has undergone several revisions over the years. Starting from Rs 85 per sq.ft in 2002, the value increased significantly to Rs 600 per sq.ft in 2007, marking a 606% rise. The value then rose to Rs 2,300 per sq.ft in 2012, reflecting a 283% increase from the previous revision. However, it decreased to Rs 1,541 per sq.ft in 2017, a drop of 33% from 2012. The value saw a substantial increase to Rs 2,300 per sq.ft in 2023, which was a 49% rise from 2017. The most recent revision in 2024 set the guideline value at Rs 2,500 per sq.ft, representing a 9% increase from the previous year.

It is important to note that there is no figure for Sakthi Nagar in the 2003 revision. Overall, from 2002 to 2024, the guideline value has increased by an impressive 2841%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, which is equal to the guideline value of Sakthi Nagar.

• Saminathan Nagar: Rs 2,900 per sq.ft (2024)
• Samjibai Nagar: Rs 1,300 per sq.ft (2024)
• Sampath Salai: Rs 1,600 per sq.ft (2024)
• R.S.Avenue (Sivalingapuram): Rs 2,100 per sq.ft (2024)
• Santhosh Nagar: Rs 2,900 per sq.ft (2024)
• Santhosh Nagar Murugan Koil Street: Rs 2,900 per sq.ft (2024)

Stamp duty and registration fee for property in Sakthi Nagar

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

Which Sub Registrar Office covers Sakthi Nagar?

The Sub Registrar Office that covers Sakthi Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Korattur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the buyer must pay the stamp duty 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 Nagar?

The current guideline value of Sakthi Nagar 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 from Rs 85 per sq.ft in 2002 to Rs 2,500 per sq.ft in 2024, with several revisions in between, including a drop in 2017 and significant increases in other years.

What is the registration office for Sakthi Nagar?

The Villivakkam Sub Registrar Office covers Sakthi Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated in Sakthi Nagar?

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

What are the guideline values of other streets in Korattur?

Other streets in Korattur have varying guideline values, ranging from Rs 1,100 to Rs 8,200 per sq.ft. For instance, Saminathan Nagar has a guideline value of Rs 2,900 per sq.ft.