Guideline Value for Sakthivel Nagar 1st Cross Street

Sakthivel Nagar 1st Cross Street guideline value

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

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

The guideline value for Sakthivel Nagar 1st Cross Street has undergone several revisions over the years. Starting from Rs 75 per sq.ft in 2002, it increased to Rs 83 per sq.ft in 2003. The value saw a significant rise to Rs 300 per sq.ft in 2007, followed by a jump to Rs 2,000 per sq.ft in 2012. However, it decreased to Rs 1,340 per sq.ft in 2017 before increasing to Rs 2,000 per sq.ft in 2023. The most recent revision in 2024 has set the value at Rs 2,200 per sq.ft.

In terms of percentage changes, from 2002 to 2024, the guideline value has increased by 2,833%. The increase from 2017 to 2023 was 49%, while the value decreased by 33% from 2012 to 2017. The most notable rise occurred between 2007 and 2012, with a staggering increase of 567%.

Guideline values in Nerkundram

Nerkundram village has a total of 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 guideline value for these streets is Rs 2,200 per sq.ft, which matches the current value for Sakthivel Nagar 1st Cross Street.

• Sakthivel Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Sakthivel Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Sakthivel Nagar Main Road: 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 1st Cross Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value would be 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, making the total Rs 1,98,000. Please 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 1st Cross Street?

The Sub Registrar Office that covers Sakthivel Nagar 1st Cross Street 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 is an essential factor in property transactions in Nerkundram. It serves as a benchmark for determining the stamp duty and registration fees payable when buying or selling property. The registration office uses this value to ensure that the correct fees are collected based on the property's worth.

When a property is sold, the guideline value helps to establish the minimum price at which the property can be registered. Buyers should be aware that the stamp duty is calculated on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of Sakthivel Nagar 1st Cross Street 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 2,833% over this period.

What is the land classification for Sakthivel Nagar 1st Cross Street?

Sakthivel Nagar 1st Cross Street is classified as Residential Class IV Type - I, indicating its suitability for residential development.

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

The Sub Registrar Office for Sakthivel Nagar 1st Cross Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

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, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 and a registration fee of Rs 44,000.