Guideline Value for Sakthi Nagar Extn

Sakthi Nagar Extn guideline value

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

How the guideline value of Sakthi Nagar Extn has changed

The guideline value of Sakthi Nagar Extn has undergone several revisions over the years. The earliest recorded figure is from 2017, which was Rs 1,340 per sq.ft. This figure increased significantly to Rs 2,000 per sq.ft in 2023, marking a 49% increase. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that there are no figures available for the revisions from 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 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, placing Sakthi Nagar Extn's 2024 figure below this median.

• Sakthi Nagar Extension/Thirumurugan Street: Rs 2,200 per sq.ft (2024)
• Sakthi Nagar Extn, (Baroda Colony): Rs 2,200 per sq.ft (2024)
• Sakthi Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Sakthi Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Sakthi Nagar 1st Street: 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 Extn

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.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sakthi Nagar Extn?

The Sub Registrar Office that covers Sakthi Nagar Extn 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 when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When a property is sold, the buyer and seller must agree on a sale price, but the registration must reflect at least the guideline value. This means that if the sale price is lower than the guideline value, the registration will still be based on the guideline value to ensure compliance with the law.

Frequently asked questions

What is the current guideline value of Sakthi Nagar Extn?

The current guideline value of Sakthi Nagar Extn 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, reflecting a total increase of 64% over this period.

What are the stamp duty and registration fees for properties in Sakthi Nagar Extn?

For a 1,000 sq.ft plot, the total guideline value is Rs 22,00,000, leading to a stamp duty of Rs 1,54,000 and a registration fee of Rs 44,000, totaling Rs 1,98,000.

Which office handles property registrations for Sakthi Nagar Extn?

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

What is the significance of the guideline value in property transactions?

The guideline value is used as a minimum benchmark for property registration, ensuring that the government receives the appropriate stamp duty and registration fees based on the property's value.