Guideline Value for SATHYA NAGAR MAIN 1ST STREET

Sathya Nagar Main 1st Street guideline value

The current guideline value of Sathya Nagar Main 1st Street is Rs 2,530 per sq.ft, effective from 1 July 2024. This street is located in Manapakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Sathya Nagar Main 1st Street has changed

The guideline value for Sathya Nagar Main 1st Street has seen several revisions over the years. Starting with the 2002 revision, the guideline value was Rs 485 per sq.ft. This increased to Rs 540 per sq.ft in 2003, marking an increase of 11%. In 2007, the value rose significantly to Rs 850 per sq.ft, which was a 57% increase from the previous revision. The 2012 revision saw a drop to Rs 2,300 per sq.ft, a decrease of 33%. The value then increased to Rs 1,541 per sq.ft in 2017, reflecting a 49% rise. The 2023 revision set the value at Rs 2,300 per sq.ft, and the most recent 2024 revision established it at Rs 2,530 per sq.ft, an increase of 10%.

It is important to note that there are no figures available for the revisions in years other than those listed. Overall, from 2002 to 2024, the guideline value has increased by 422%.

Guideline values in Manapakkam

In Manapakkam, there are 368 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 12,800 per sq.ft. The median value is Rs 2,530 per sq.ft, which is equal to the guideline value of Sathya Nagar Main 1st Street.

• Sathya Nagar Main 2nd Street: Rs 2,530 per sq.ft (2024)
• Sathya Nagar Main 3rd Street: Rs 2,530 per sq.ft (2024)
• Sathya Nagar Extn Part 3rd Left Street: Rs 2,530 per sq.ft (2024)
• Sathya Nagar Main Joint Ramapuram Road: Rs 2,530 per sq.ft (2024)
• Sathya Nagar Extn Part 2nd Left Street: Rs 2,530 per sq.ft (2024)
• Sathya Nagar Main Road: Rs 2,530 per sq.ft (2024)

Stamp duty and registration fee for property in Sathya Nagar Main 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,530 per sq.ft, the total guideline value would be Rs 25,30,000. The stamp duty at 7% would amount to Rs 1,77,100, and the registration fee at 2% would be Rs 50,600, bringing the total cost for these fees to Rs 2,27,700. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sathya Nagar Main 1st Street?

The Sub Registrar Office that covers Sathya Nagar Main 1st Street 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 Manapakkam

The guideline value plays a crucial role in the registration process when buying or selling property in Manapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the property is valued fairly for tax purposes.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. Buyers must pay these fees based on the higher of the guideline value or the actual sale price, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sathya Nagar Main 1st Street?

The current guideline value of Sathya Nagar Main 1st Street is Rs 2,530 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 485 per sq.ft in 2002 to Rs 2,530 per sq.ft in 2024, reflecting an overall increase of 422% over the years.

What is the stamp duty rate for properties in this area?

The stamp duty rate for properties in Sathya Nagar Main 1st Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for Sathya Nagar Main 1st Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What are the other streets in Manapakkam with the same guideline value?

Other streets in Manapakkam with the same guideline value of Rs 2,530 per sq.ft include Sathya Nagar Main 2nd Street, Sathya Nagar Main 3rd Street, Sathya Nagar Extn Part 3rd Left Street, Sathya Nagar Main Joint Ramapuram Road, Sathya Nagar Extn Part 2nd Left Street, and Sathya Nagar Main Road.