Guideline Value for Sakthi Vijayalakshmi Nagar 2nd Cross Street

Sakthi Vijayalakshmi Nagar 2nd Cross Street guideline value

The current guideline value of Sakthi Vijayalakshmi Nagar 2nd Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

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

The guideline value for Sakthi Vijayalakshmi Nagar 2nd Cross Street has seen several revisions over the years. In 2002, the guideline value was Rs 196 per sq.ft, which increased significantly to Rs 220 per sq.ft in 2003, marking a rise of 12%. The value then surged to Rs 1,800 per sq.ft in 2007, reflecting an increase of 718%. Following this, in 2012, the value reached Rs 4,000 per sq.ft, a substantial jump of 122%. However, there was a decline to Rs 2,680 per sq.ft in 2017, which represented a decrease of 33%. The most recent revision in 2024 has brought the value back up to Rs 4,400 per sq.ft, an increase of 64% from the 2017 figure. The register has no figure for this street in 2023.

Guideline values in Velachery

In Velachery, there are a total of 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 2nd Cross Street.

• Sakthi Vijayalakshmi Nagar 1st Street: Rs 4,400 per sq.ft (2024)
• Sakthi Vijayalakshmi Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Sakthi Vijayalakshmi Nagar 1st Cross 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 2nd 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 would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total fees together to Rs 3,96,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sakthi Vijayalakshmi Nagar 2nd Cross Street?

The Sub Registrar Office covering Sakthi Vijayalakshmi Nagar 2nd 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 factor in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When you approach the Sub Registrar Office for registration, the guideline value will be used to calculate the applicable stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial implications of the transaction based on the established guideline value.

Frequently asked questions

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

The current guideline value of Sakthi Vijayalakshmi Nagar 2nd 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, marking an overall increase of 2,145% over the years.

What are the other streets in Velachery with the same guideline value?

Several other streets in Velachery have the same guideline value of Rs 4,400 per sq.ft, including Sakthi Vijayalakshmi Nagar 1st Street, Sakthi Vijayalakshmi Nagar 2nd Street, Sakthi Vijayalakshmi Nagar 1st Cross Street, and Sakthi Vijayalakshmi Nagar 3rd Cross Street.

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

The stamp duty is charged at 7%, while the registration fee is at 2%. For a 1,000 sq.ft plot at the guideline value of Rs 4,400 per sq.ft, the total fees would amount to Rs 3,96,000.

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

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