Guideline Value for Sakthi Avenue

Sakthi Avenue guideline value

The current guideline value of Sakthi Avenue, located in Madipakkam-1 village under the Velacheri SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Sakthi Avenue has changed

The guideline value for Sakthi Avenue has seen several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft. This figure increased to Rs 2,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 has further increased the value to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values for 2024 ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, placing Sakthi Avenue's guideline value below that median.

• Sakthi Nagar: Rs 2,200 per sq.ft (2024)
• Sai Ram Street: Rs 2,200 per sq.ft (2024)
• Sairam Avenue, Padmavathi Street,Balaiya Garder: Rs 3,850 per sq.ft (2024)
• Sai Ram Avenue, Brindavan Street: Rs 3,850 per sq.ft (2024)
• Sai Ram Avenue 2nd Street: Rs 2,200 per sq.ft (2024)
• Sai Ram Avenue 1st Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sakthi Avenue

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. 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 Sakthi Avenue?

The Sub Registrar Office that covers Sakthi Avenue 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 Madipakkam-1

When buying or selling property in Madipakkam-1, the guideline value is used to determine the stamp duty and registration fees applicable to the transaction. This value serves as a benchmark for the minimum price at which a property can be registered.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the financial obligations during the registration process. Ensuring compliance with these values helps in avoiding any legal issues related to property transactions.

Frequently asked questions

What is the current guideline value of Sakthi Avenue?

The current guideline value of Sakthi Avenue is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

From the 2017 revision to the 2024 revision, the guideline value has increased by 64%. The value rose from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024.

What are the stamp duty and registration fees for property in Sakthi Avenue?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office handles registrations for Sakthi Avenue?

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

What is the land classification of Sakthi Avenue?

Sakthi Avenue falls under the Residential Class II Type - I land classification, indicating its designated use for residential purposes.