Guideline Value for Sakthi Nagar 1st Street

Sakthi Nagar 1st Street guideline value

The current guideline value of Sakthi Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village, under the Velacheri SRO, and is classified as Residential Class II Type - I.

How the guideline value of Sakthi Nagar 1st Street has changed

Since the 2017 revision, the guideline value for Sakthi Nagar 1st Street has seen significant increases. The 2017 revision set the value at Rs 1,340 per sq.ft, which rose to Rs 2,000 per sq.ft in 2023, marking a 49% increase. The most recent revision in 2024 has further increased this value to Rs 2,200 per sq.ft, reflecting a 10% rise from the previous year. The overall increase from 2017 to 2024 is 64%.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. The previous values highlight a consistent upward trend in the guideline value over the years.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO that have a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, making the current value of Sakthi Nagar 1st Street below the median.

• Sakthi Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Sakthi Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Sakthi Nagar: Rs 2,200 per sq.ft (2024)
• Sakthi Nagar Extension/Thirumurugan Street: Rs 2,200 per sq.ft (2024)
• Sakthi Nagar Extn: Rs 2,200 per sq.ft (2024)
• Sakthi Nagar Extn, (Baroda Colony): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sakthi Nagar 1st Street

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 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.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Sakthi Nagar 1st Street?

The Sub Registrar Office covering Sakthi Nagar 1st Street 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 information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role in the registration process of property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling a property, the guideline value is considered alongside the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring compliance with legal requirements during property transactions.

Frequently asked questions

What is the current guideline value of Sakthi Nagar 1st Street?

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

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, representing an overall increase of 64% over this period.

What is the land classification for Sakthi Nagar 1st Street?

Sakthi Nagar 1st Street is classified as Residential Class II Type - I, indicating its use for residential purposes.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Sakthi Nagar 1st Street located?

The Velacheri Sub Registrar Office, which covers Sakthi Nagar 1st Street, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.