Guideline Value for SIVASAKTHI NAGAR 5TH STREET

Sivasakthi Nagar 5th Street guideline value

The current guideline value of Sivasakthi Nagar 5th Street is Rs 2,900 per sq.ft, effective from 1 July 2024. This street is located in Korattur village, under the Villivakkam SRO, and is classified as Residential Class II Type - II.

How the guideline value of Sivasakthi Nagar 5th Street has changed

The guideline value for Sivasakthi Nagar 5th Street has seen several revisions over the years. The earliest available figure is from 2012, where the guideline value was Rs 2,700 per sq.ft. This was followed by a decrease to Rs 1,809 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,700 per sq.ft, representing a 49% rise. The most recent revision in 2024 set the guideline value at Rs 2,900 per sq.ft, a 7% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 7%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, placing Sivasakthi Nagar 5th Street above this median.

• Sivasakthi Nagar 6th To 10th Street: Rs 2,900 per sq.ft (2024)
• SIVASAKTHI NAGAR 4th STREET: Rs 2,900 per sq.ft (2024)
• Sivasakthi Nagar Extension: Rs 2,900 per sq.ft (2024)
• SIVASAKTHI NAGAR (Near Water Canal Road): Rs 2,900 per sq.ft (2024)
• Sivasakthi Nagar Tamil Street: Rs 2,900 per sq.ft (2024)
• SIVASAKTHI NAGAR 3rd STREET: Rs 2,900 per sq.ft (2024)

Stamp duty and registration fee for property in Sivasakthi Nagar 5th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,900 per sq.ft, the total guideline value would be Rs 29,00,000. The stamp duty at 7% would amount to Rs 2,03,000, and the registration fee at 2% would be Rs 58,000, bringing the total fees to Rs 2,61,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Sivasakthi Nagar 5th Street?

The Sivasakthi Nagar 5th Street falls under the jurisdiction of 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 plays a crucial role in the registration process of property transactions in Korattur. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees payable at the time of registration. This ensures that the transaction is officially documented and that the appropriate taxes are collected by the government.

It is essential for buyers and sellers to be aware of the current guideline value as it directly impacts the financial obligations during the property transaction. Understanding the guideline value can help in better planning and budgeting for the costs involved in buying or selling property.

Frequently asked questions

What is the current guideline value of Sivasakthi Nagar 5th Street?

The current guideline value of Sivasakthi Nagar 5th Street is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,700 per sq.ft in 2023 to Rs 2,900 per sq.ft in 2024, an increase of 7%. It was Rs 1,809 per sq.ft in 2017, which was a significant increase from Rs 2,700 per sq.ft in 2012.

What is the land classification for Sivasakthi Nagar 5th Street?

Sivasakthi Nagar 5th Street is classified as Residential Class II Type - II according to the local land classification.

Where can I find the Sub Registrar Office for Sivasakthi Nagar 5th Street?

The Sub Registrar Office for Sivasakthi Nagar 5th Street is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is the stamp duty calculated for property transactions?

The stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 29,00,000, the stamp duty would be Rs 2,03,000 at 7%.