Guideline Value for SATHYAMURTHY STREET

Sathyamurthy Street guideline value

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

How the guideline value of Sathyamurthy Street has changed

The guideline value for Sathyamurthy Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased significantly to Rs 2,000 per sq.ft, and in the latest 2024 revision, it rose again to Rs 2,200 per sq.ft. There are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2023 to 2024, the guideline value increased by 10%. The increase from 2017 to 2023 was notable at 49%, while the decrease from 2012 to 2017 was 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Medavakkam

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

• Sathyamurthy Cross 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to 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, bringing the total fees together to Rs 1,98,000. Please 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 accurate calculations based on your property.

Which Sub Registrar Office covers Sathyamurthy Street?

Sathyamurthy 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. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Medavakkam. It is used to determine the stamp duty and registration fees that are payable during the transaction.

When a property is registered, the guideline value is considered to ensure that the appropriate fees are collected. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Sathyamurthy Street?

The current guideline value of Sathyamurthy 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 several times, with the most recent increase from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024. It also increased significantly from Rs 1,340 per sq.ft in 2017 to Rs 2,000 per sq.ft in 2023.

What are the other streets in Medavakkam with similar guideline values?

Several other streets in Medavakkam have a guideline value of Rs 2,200 per sq.ft in 2024, including Sathyamurthy Cross Street, Sathya Street, Selva Ganapathy Nagar, Selvakumar Avenue, and Selvakumar Avenue Mullai Street.

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

The Sub Registrar Office covering Sathyamurthy 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.

How is stamp duty calculated for properties in Sathyamurthy Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft property at the current rate, the total guideline value would be Rs 22,00,000, leading to a stamp duty of Rs 1,54,000.