Guideline Value for Sakthi Nagar 3rd Street

Sakthi Nagar 3rd Street guideline value

The current guideline value of Sakthi Nagar 3rd 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, classified as Residential Class II Type - I.

How the guideline value of Sakthi Nagar 3rd Street has changed

The guideline value for Sakthi Nagar 3rd Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, an increase from Rs 2,000 per sq.ft in 2023, marking a change of 10%. Prior to that, in 2017, the value was Rs 1,340 per sq.ft, which indicates a significant increase of 49% from 2017 to 2023. Overall, from 2017 to 2024, the guideline value has risen by 64%.

There are no figures available for the years 2002, 2003, 2007, and 2012 for this street in the register.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, which means that Sakthi Nagar 3rd Street's 2024 figure is below that median.

• Sakthi Nagar 2nd 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 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be 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 guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sakthi Nagar 3rd Street?

The Sub Registrar Office that covers Sakthi Nagar 3rd 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 is a crucial factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a buyer approaches the registration office, the guideline value will be considered to calculate the total fees. This ensures that the fees are aligned with the official valuation of the property, providing a standardized approach to property transactions.

Frequently asked questions

What is the current guideline value of Sakthi Nagar 3rd Street?

The current guideline value of Sakthi Nagar 3rd Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much 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, representing an overall increase of 64%.

What is the land classification for Sakthi Nagar 3rd Street?

Sakthi Nagar 3rd Street is classified as Residential Class II Type - I, indicating its designation for residential use.

Where can I find the Sub Registrar Office for Sakthi Nagar 3rd Street?

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

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value, and the registration fee is 2%. For example, for a property valued at Rs 22,00,000, the total fees would amount to Rs 1,98,000.