Guideline Value for Sabapathy Nagar (3rd Street)

Sabapathy Nagar (3rd Street) guideline value

The current guideline value of Sabapathy Nagar (3rd Street) is Rs 1,980 per sq.ft, effective from 1 July 2024. This street is located in Pammal village, under the Pammal SRO, and is classified as Residential Class II Type - II.

How the guideline value of Sabapathy Nagar (3rd Street) has changed

The guideline value for Sabapathy Nagar (3rd Street) has seen significant changes over the years. Starting from Rs 143 per sq.ft in 2002, it increased to Rs 162 per sq.ft in 2003, marking a rise of 13%. By 2007, the value jumped to Rs 260 per sq.ft, reflecting a 60% increase. The 2017 revision marked a substantial increase to Rs 1,206 per sq.ft, which is a 364% rise from the previous figure. The latest revision in 2024 has set the guideline value at Rs 1,980 per sq.ft, representing a 64% increase from 2017.

Overall, from 2002 to 2024, the guideline value has increased by a remarkable 1,285%. It is important to note that the register has no figures for the years 2012 and 2023 for this street.

Guideline values in Pammal

In Pammal, there are 926 streets under the Pammal SRO that carry a guideline value for 2024, ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value in this area is Rs 2,090 per sq.ft, and Sabapathy Nagar (3rd Street) is currently below this median.

• Sabapathy Nagar (2nd Street): Rs 1,980 per sq.ft (2024)
• Sabapathy Nagar (4th Street): Rs 1,980 per sq.ft (2024)
• Sabapathy Nagar (1st Street): Rs 1,980 per sq.ft (2024)
• Sabapathy Street / Lord Srinivasa Street: Rs 1,980 per sq.ft (2024)
• Sabapathy Street, Nehru Nagar: Rs 1,980 per sq.ft (2024)
• Sabapathy Street / Thiru Nagar: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Sabapathy Nagar (3rd Street)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total guideline value amounts to Rs 19,80,000. The stamp duty at 7% would be Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, bringing the total to Rs 1,78,200. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sabapathy Nagar (3rd Street)?

The Sub Registrar Office covering Sabapathy Nagar (3rd Street) is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during property transactions in Pammal. It is used to determine the stamp duty and registration fees applicable when buying or selling property. Buyers and sellers must be aware that the guideline value is a reference point set by the government and is essential for the legal registration of property.

When a property is registered, the guideline value is assessed to calculate the applicable fees. If the sale price is higher than the guideline value, the stamp duty is charged on the sale price instead. Thus, understanding the guideline value is vital for anyone looking to engage in property transactions in the area.

Frequently asked questions

What is the current guideline value of Sabapathy Nagar (3rd Street)?

The current guideline value of Sabapathy Nagar (3rd Street) is Rs 1,980 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased significantly from Rs 143 per sq.ft in 2002 to Rs 1,980 per sq.ft in 2024, which is an overall increase of 1,285%.

What is the land classification for Sabapathy Nagar (3rd Street)?

Sabapathy Nagar (3rd Street) is classified as Residential Class II Type - II.

Where can I find the registration office for properties in Pammal?

The registration office for properties in Pammal is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

How is the stamp duty calculated for properties in Sabapathy Nagar (3rd Street)?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 19,80,000 would incur a stamp duty of Rs 1,38,600 at 7%.