Guideline Value for Sakthi Nagar 2nd Street

Sakthi Nagar 2nd Street guideline value

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

How the guideline value of Sakthi Nagar 2nd Street has changed

In the 2017 revision, the guideline value for Sakthi Nagar 2nd Street was Rs 1,340 per sq.ft. This figure increased to Rs 2,000 per sq.ft in the 2023 revision, marking a significant change of 49%. The most recent revision in 2024 has further increased the guideline value to Rs 2,200 per sq.ft, reflecting a 10% rise 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 there are no figures available for this street in the revisions from 2002, 2003, 2007, and 2012.

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 guideline value for the village is Rs 2,750 per sq.ft, indicating that the guideline value of Sakthi Nagar 2nd Street is below this median.

• Sakthi Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Sakthi Nagar 1st Street: 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)
• Sakthi Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sakthi Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value is 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 charges 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 the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Sakthi Nagar 2nd Street?

The Sub Registrar Office that covers Sakthi Nagar 2nd Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madipakkam-1. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the transaction is recorded at a fair value.

When a property is sold, the guideline value helps determine the official value of the property for taxation purposes. Buyers and sellers should be aware of the current guideline value to ensure compliance with local regulations during the transaction.

Frequently asked questions

What is the current guideline value of Sakthi Nagar 2nd Street?

The current guideline value of Sakthi Nagar 2nd 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 changed from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 64% over this period.

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

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 covers Sakthi Nagar 2nd Street?

The Velacheri Sub Registrar Office covers Sakthi Nagar 2nd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification of Sakthi Nagar 2nd Street?

The land classification for Sakthi Nagar 2nd Street is Residential Class II Type - I.