Guideline Value for Sakthi Vijayalakshmi Nagar 1st Cross Street

Sakthi Vijayalakshmi Nagar 1st Cross Street guideline value

The current guideline value of Sakthi Vijayalakshmi Nagar 1st Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - II.

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

The guideline value for Sakthi Vijayalakshmi Nagar 1st Cross Street has seen several revisions over the years. The earliest recorded figure is from 2002, where the guideline value was Rs 196 per sq.ft. This increased to Rs 250 per sq.ft in 2003, marking a change of +28%. The value then surged significantly to Rs 1,800 per sq.ft in 2007, reflecting an increase of +620%. In 2012, the value was Rs 4,000 per sq.ft, which was a rise of +122% from the previous revision. However, this was followed by a decrease to Rs 2,680 per sq.ft in 2017, showing a decline of -33%. The most recent revision in 2024 set the guideline value at Rs 4,400 per sq.ft, which represents an increase of +64% from the 2017 figure.

It is important to note that there is no figure available for the year 2023 in the register for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the guideline value of Sakthi Vijayalakshmi Nagar 1st Cross Street.

• Sakthi Vijayalakshmi Nagar 1st Street: Rs 4,400 per sq.ft (2024)
• Sakthi Vijayalakshmi Nagar 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Sakthi Vijayalakshmi Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Sakthi Vijayalakshmi Nagar 3rd Cross Street: Rs 4,400 per sq.ft (2024)
• Sakthi Vijayalakshmi Nagar 3rd Street: Rs 4,400 per sq.ft (2024)
• Sakthi Vijayalakshmi Nagar (Facing Bye-Pass Road): Rs 13,200 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total fees to Rs 3,96,000. 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 Vijayalakshmi Nagar 1st Cross Street?

The Sub Registrar Office that covers Sakthi Vijayalakshmi Nagar 1st Cross 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 Velachery

The guideline value is a crucial reference point when buying or selling property in Velachery. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must be aware of this value to ensure compliance with local regulations.

When a property is registered, the guideline value helps in calculating the official value of the property, which can influence the overall transaction process. It is essential for both parties to understand how this value affects their financial obligations during the sale.

Frequently asked questions

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

The current guideline value of Sakthi Vijayalakshmi Nagar 1st Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 196 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of +2145% over this period.

What is the land classification for this street?

The land classification for Sakthi Vijayalakshmi Nagar 1st Cross Street is Residential Class II Type - II.

Where can I find the Sub Registrar Office for this area?

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

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 44,00,000, the total fees would amount to Rs 3,96,000.