Guideline Value for SPIC Nagar

SPIC Nagar guideline value

The current guideline value of SPIC Nagar is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of SPIC Nagar has changed

The guideline value of SPIC Nagar has seen several revisions over the years. In 2003, the value was Rs 1,107 per sq.ft, which increased to Rs 2,000 per sq.ft in 2007, marking an increase of 81%. Following this, the value doubled to Rs 4,000 per sq.ft in 2012, reflecting a 100% increase. However, there was a significant decrease in 2017 when the value dropped to Rs 2,680 per sq.ft, a decline of 33% from the previous revision. The most recent revision in 2024 set the guideline value at Rs 4,400 per sq.ft, which is a 64% increase from 2017.

Overall, from 2003 to 2024, the guideline value has increased by 297%. The register does not have figures for the years 2023 and 2002 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which is the same as the current value for SPIC Nagar.

• Soni Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Soni Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Soni Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Soni Nagar: Rs 3,850 per sq.ft (2024)
• Sivasakthi Street: Rs 4,400 per sq.ft (2024)
• Sri Devi Nagar: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in SPIC Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, together totaling Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers SPIC Nagar?

The Sub Registrar Office that covers SPIC Nagar is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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

The guideline value is a critical factor when registering property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property. Buyers and sellers must be aware of the current guideline value to avoid discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of SPIC Nagar?

The current guideline value of SPIC Nagar is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, with the most recent revision in 2024 reflecting an increase of 64% from the 2017 value of Rs 2,680 per sq.ft.

What is the land classification of SPIC Nagar?

SPIC Nagar is classified as Residential Class II Type - II, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for a property in SPIC Nagar?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles registrations for SPIC Nagar?

The Velacheri Sub Registrar Office handles registrations for SPIC Nagar, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.