Guideline Value for Sabthagiri nagar

Sabthagiri nagar guideline value

The current guideline value of Sabthagiri nagar is Rs 825 per sq.ft, effective from 1 July 2024. This area is located in Melamaiyur village and falls under the Chengleput Joint I SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Sabthagiri nagar has changed

The guideline value of Sabthagiri nagar has seen several revisions over the years. The earliest recorded revision was in 2007, with a value of Rs 260 per sq.ft. This increased significantly to Rs 750 per sq.ft in 2012, before dropping to Rs 502 per sq.ft in 2017. The 2023 revision set the value at Rs 750 per sq.ft, and the most recent revision in 2024 raised it to Rs 825 per sq.ft.

In terms of percentage changes, the value increased by 188% from 2007 to 2012, decreased by 33% from 2012 to 2017, and then rose by 49% from 2017 to 2023. The jump from 2023 to 2024 represents a 10% increase. Overall, from 2007 to 2024, the guideline value has increased by 217%. Notably, there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Melamaiyur

Within Melamaiyur village, there are 37 streets under the Chengleput Joint I SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 3,000 per sq.ft. The median value among these streets is Rs 1,212 per sq.ft, indicating that the 2024 figure for Sabthagiri nagar is below this median.

• Ramakrishna Nagar: Rs 1,320 per sq.ft (2024)
• Rakamth Goldencity: Rs 1,100 per sq.ft (2024)
• Sathyakanthy Avenue: Rs 1,650 per sq.ft (2024)
• Soundar Nagar: Rs 1,100 per sq.ft (2024)
• Sri Ganapathi Avenue: Rs 1,100 per sq.ft (2024)
• Sri Guru Nagar: Rs 1,212 per sq.ft (2024)

Stamp duty and registration fee for property in Sabthagiri nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 825 per sq.ft, the total guideline value would be Rs 8,25,000. The stamp duty at 7% would amount to Rs 57,750, and the registration fee at 2% would be Rs 16,500, making the total fees together Rs 74,250. 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 more details.

Which Sub Registrar Office covers Sabthagiri nagar?

The Sub Registrar Office that covers Sabthagiri nagar is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Melamaiyur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the necessary revenue based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Sabthagiri nagar?

The current guideline value of Sabthagiri nagar is Rs 825 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 260 per sq.ft in 2007 to Rs 825 per sq.ft in 2024, reflecting an overall increase of 217% over the years.

What are the stamp duty and registration fees for buying property in Sabthagiri nagar?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 74,250.

Which office handles property registrations in Sabthagiri nagar?

The Chengleput Joint I Sub Registrar Office handles property registrations in Sabthagiri nagar, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.

What is the significance of the guideline value when selling property?

The guideline value is significant as it determines the stamp duty and registration fees during the sale process. It is used to assess the value of the property for taxation purposes.