Guideline Value for SATHYAMURTHY CROSS STREET

Sathyamurthy Cross Street guideline value

The current guideline value of Sathyamurthy Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Sathyamurthy Cross Street has changed

Over the years, the guideline value of Sathyamurthy Cross Street has seen several revisions. The earliest recorded revision was in 2012, where the guideline value was Rs 2,000 per sq.ft. In 2017, it decreased to Rs 1,340 per sq.ft, marking a decline of 33%. The value then increased to Rs 2,000 per sq.ft in 2023, before reaching the current figure of Rs 2,200 per sq.ft in 2024, which represents a 10% increase from the previous year.

From 2012 to 2023, the guideline value increased by 49%, and overall, from 2012 to 2024, it has seen a 10% rise. The revisions for the years 2002, 2003, and 2007 have no figures recorded for this street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a guideline value for 2024, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, which matches the current figure for Sathyamurthy Cross Street.

• Sathyamurthy Street: Rs 2,200 per sq.ft (2024)
• Sathya Sai Nagar /Sri Sathya Sai Nagar: Rs 1,870 per sq.ft (2024)
• Sathya Street: Rs 2,200 per sq.ft (2024)
• Selva Ganapathy Nagar: Rs 2,200 per sq.ft (2024)
• Selvakumar Avenue: Rs 2,200 per sq.ft (2024)
• Selvakumar Avenue Mullai Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sathyamurthy Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total cost for these fees Rs 1,98,000. 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 detailed calculations.

Which Sub Registrar Office covers Sathyamurthy Cross Street?

Sathyamurthy Cross Street is covered by 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 Medavakkam

The guideline value is an important factor during property registration in Medavakkam. It serves as a benchmark for determining the minimum sale price of a property, ensuring that transactions are recorded at a fair value.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transaction. It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Sathyamurthy Cross Street?

The current guideline value of Sathyamurthy Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Sathyamurthy Cross Street?

The land classification for Sathyamurthy Cross Street is Residential Class I Type - I.

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

Stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 22,00,000, the total fees would amount to Rs 1,98,000.

Where can I find the Sub Registrar Office for Sathyamurthy Cross Street?

The Sub Registrar Office covering Sathyamurthy Cross Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.