Guideline Value for SATHIYA MOORTHY NAGAR

Sathiya Moorthy Nagar guideline value

The current guideline value of Sathiya Moorthy Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024. This area is located in Pallikaranai village and falls under the Chennai South Joint I SRO with a land classification of Residential Class IV Type - II.

How the guideline value of Sathiya Moorthy Nagar has changed

The guideline value for Sathiya Moorthy Nagar has seen several revisions over the years. The earliest recorded figure is Rs 84 per sq.ft in 2002, which increased to Rs 100 per sq.ft in 2003. Following that, the value rose significantly to Rs 400 per sq.ft in 2007, and then to Rs 1,200 per sq.ft in 2012. However, there was a decrease to Rs 804 per sq.ft in 2017. The value then increased to Rs 1,200 per sq.ft in 2023, and currently stands at Rs 1,320 per sq.ft from the 2024 revision.

In terms of percentage changes, from 2002 to 2024, the overall increase is 1,471%. The change from 2017 to 2023 was an increase of 49%, while the revision from 2012 to 2017 saw a decrease of 33%. The value increased by 200% from 2007 to 2012, and from 2003 to 2007, it rose by 300%. The change from 2002 to 2003 was a 19% increase. There are no figures available for revisions in the years not listed.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft as of 2024. The median guideline value for these streets is Rs 1,650 per sq.ft, positioning Sathiya Moorthy Nagar's 2024 figure below this median.

• Sathiyaseeli Nagar: Rs 1,320 per sq.ft (2024)
• Sathyamoorthy Colony: Rs 1,110 per sq.ft (2024)
• Sarvamangala Nagar: Rs 1,320 per sq.ft (2024)
• Santhi Jeevi Nagar Extn.: Rs 1,320 per sq.ft (2024)
• Selvam Nagar: Rs 2,750 per sq.ft (2024)
• Selvam Nagar 1st Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Sathiya Moorthy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400. Together, the total amount for duty and registration fee would be Rs 1,18,800. 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 Sathiya Moorthy Nagar?

The Sub Registrar Office that covers Sathiya Moorthy Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Pallikaranai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling a property. The guideline value is set by the government and is regularly updated to reflect changes in the real estate market.

When a property is sold, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate taxes based on the value of the property being transferred. Understanding the guideline value is essential for both buyers and sellers to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Sathiya Moorthy Nagar?

The current guideline value of Sathiya Moorthy Nagar is Rs 1,320 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 84 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, marking an overall increase of 1,471% over this period.

What is the registration office for Sathiya Moorthy Nagar?

The registration office for Sathiya Moorthy Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is stamp duty calculated in Sathiya Moorthy Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the current guideline value, the total would be Rs 1,18,800 for stamp duty and registration fees combined.

What are the guideline values of other streets in Pallikaranai?

Other streets in Pallikaranai have varying guideline values, with rates ranging from Rs 1,110 to Rs 8,580 per sq.ft. Some streets, like Sathiyaseeli Nagar and Sarvamangala Nagar, share the same guideline value of Rs 1,320 per sq.ft as Sathiya Moorthy Nagar.