Guideline Value for Sakthivel Nagar Main Road

Sakthivel Nagar Main Road guideline value

The current guideline value of Sakthivel Nagar Main Road is Rs 2,200 per sq.ft, effective from 1 July 2024. This road is located in Nerkundram village, under the jurisdiction of the Virugambakkam SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Sakthivel Nagar Main Road has changed

The guideline value for Sakthivel Nagar Main Road has undergone several revisions over the years. The earliest figure available is from 2002, with a guideline value of Rs 75 per sq.ft. This increased to Rs 83 per sq.ft in 2003, marking a change of +11%. In 2007, the value saw a significant rise to Rs 300 per sq.ft, reflecting an increase of +261%. The 2012 revision brought the value back to Rs 2,000 per sq.ft, which was a decrease of -33%. The guideline value then rose to Rs 1,340 per sq.ft in 2017, showing a +49% increase. The most recent revision in 2023 set the value at Rs 2,000 per sq.ft, followed by the current value of Rs 2,200 per sq.ft in 2024, which is a +10% change.

Overall, from 2002 to 2024, the guideline value has increased by +2833%. There are no figures available for the revisions of years not listed in the register for this street.

Guideline values in Nerkundram

Nerkundram comprises 476 streets under the Virugambakkam SRO, with the 2024 guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is equal to the current guideline value of Sakthivel Nagar Main Road.

• Sakthivel Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Sakthivel Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Sakthivel Nagar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• SAKTHI NAGAR - Patel Road: Rs 2,750 per sq.ft (2024)
• SAKTHI NAGAR Extension: Rs 2,500 per sq.ft (2024)
• SAKTHI NAGAR 9th Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Sakthivel Nagar Main Road

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the 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 to Rs 1,98,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sakthivel Nagar Main Road?

The Sub Registrar Office that covers Sakthivel Nagar Main Road is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Nerkundram

The guideline value plays a crucial role in the registration process of property transactions in Nerkundram. When a property is bought or sold, the guideline value is used to determine the applicable stamp duty and registration fees. This ensures that the fees are calculated based on a standardized valuation of the property.

Additionally, the guideline value helps in maintaining transparency in property transactions. It provides a reference point for buyers and sellers, ensuring that the values are consistent across similar properties in the area. This is particularly important for both parties to understand the financial implications of the transaction.

Frequently asked questions

What is the current guideline value of Sakthivel Nagar Main Road?

The current guideline value of Sakthivel Nagar Main Road 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 changed significantly from Rs 75 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of +2833%.

What is the land classification for Sakthivel Nagar Main Road?

Sakthivel Nagar Main Road is classified as Residential Class IV Type - I.

Where can I find the Sub Registrar Office for Sakthivel Nagar Main Road?

The Sub Registrar Office for Sakthivel Nagar Main Road is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in Nerkundram?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a property with a guideline value of Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 at the rate of 7%.