Guideline Value for Sakthi Vijayalakshmi Nagar (Facing Bye-Pass Road)

Sakthi Vijayalakshmi Nagar (Facing Bye-Pass Road) guideline value

The current guideline value of Sakthi Vijayalakshmi Nagar (Facing Bye-Pass Road) is Rs 13,200 per sq.ft, effective from 1 July 2024. This area is located in Velachery village and falls under the Velacheri SRO. The land classification for this street is Commercial Class I Type - I.

How the guideline value of Sakthi Vijayalakshmi Nagar (Facing Bye-Pass Road) has changed

The guideline value for Sakthi Vijayalakshmi Nagar has undergone several revisions over the years. In 2007, the guideline value was Rs 2,000 per sq.ft, which increased significantly to Rs 12,000 per sq.ft in 2012, marking a 500% rise. However, from 2012 to 2017, it decreased to Rs 8,040 per sq.ft, a decline of 33%. The most recent revision in 2024 saw a substantial increase to Rs 13,200 per sq.ft, representing a 64% increase from 2017.

It is important to note that there are no figures available for the years 2002, 2003, and 2023 for this street. Overall, from 2007 to 2024, the guideline value has increased by 560%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Sakthi Vijayalakshmi Nagar's 2024 figure above this median.

• Sakthi Vijayalakshmi Nagar 3rd Street: Rs 4,400 per sq.ft (2024)
• Sakthi Vijayalakshmi Nagar 3rd Cross Street: Rs 4,400 per sq.ft (2024)
• Sakthi Vijayalakshmi Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Sakthi Vijayalakshmi Nagar 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Sakthi Vijayalakshmi Nagar 1st Street: Rs 4,400 per sq.ft (2024)
• Sakthi Vijayalakshmi Nagar 1st Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Sakthi Vijayalakshmi Nagar (Facing Bye-Pass Road)

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value amounts to Rs 1,32,00,000. The stamp duty at 7% would be Rs 9,24,000, and the registration fee at 2% would be Rs 2,64,000, bringing the total to Rs 11,88,000. It is important to note that 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 Vijayalakshmi Nagar (Facing Bye-Pass Road)?

The Sub Registrar Office covering Sakthi Vijayalakshmi Nagar 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 Velachery

The guideline value is a crucial factor during the registration of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, it is essential to be aware of the guideline value as it influences financial decisions and the overall transaction process. Buyers should ensure that the sale price is not below the guideline value to avoid legal complications during registration.

Frequently asked questions

What is the current guideline value of Sakthi Vijayalakshmi Nagar?

The current guideline value of Sakthi Vijayalakshmi Nagar (Facing Bye-Pass Road) is Rs 13,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 2,000 per sq.ft in 2007 to Rs 13,200 per sq.ft in 2024, representing an overall increase of 560%.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in Sakthi Vijayalakshmi Nagar is charged at 7% of the guideline value or sale price, whichever is higher.

Which office handles property registrations in Velachery?

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

What is the median guideline value in Velachery?

The median guideline value for streets in Velachery is Rs 4,400 per sq.ft, while Sakthi Vijayalakshmi Nagar's current figure is above this median.