Guideline Value for Sakthivel Nagar 2nd Cross Street

Sakthivel Nagar 2nd Cross Street guideline value

The current guideline value of Sakthivel Nagar 2nd 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 and is classified as Residential Class IV Type - I.

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

The guideline value for Sakthivel Nagar 2nd Cross Street has seen several revisions over the years. Starting from Rs 75 per sq.ft in 2002, the value increased to Rs 83 per sq.ft in 2003. Following this, it rose significantly to Rs 300 per sq.ft in 2007, and then to Rs 2,000 per sq.ft in 2012. The value decreased to Rs 1,340 per sq.ft in 2017 before increasing to Rs 2,000 per sq.ft in 2023. The latest revision in 2024 set the guideline value at Rs 2,200 per sq.ft.

In terms of percentage changes, the value increased by 10% from 2023 to 2024. From 2017 to 2023, there was a notable increase of 49%. However, from 2012 to 2017, the value decreased by 33%. The increase from 2007 to 2012 was substantial at 567%, and from 2003 to 2007, it rose by 261%. The increase from 2002 to 2003 was 11%. Overall, from 2002 to 2024, the guideline value has increased by 2833%.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO that carry a guideline value for 2024, 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 guideline value of Sakthivel Nagar 2nd Cross Street.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total 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, totaling Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sakthivel Nagar 2nd Cross Street?

The Sub Registrar Office that covers Sakthivel Nagar 2nd 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 further assistance.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nerkundram. It serves as the basis for calculating stamp duty and registration fees, ensuring that these costs are aligned with the official valuation of the property.

When a property is sold, the guideline value is used to determine the minimum price at which the property can be registered. This ensures transparency and helps maintain a standardized approach to property transactions in the area.

Frequently asked questions

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

The current guideline value of Sakthivel Nagar 2nd 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 from Rs 75 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 2833% over the years.

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

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles registrations for Sakthivel Nagar 2nd Cross Street?

The Virugambakkam Sub Registrar Office handles registrations for Sakthivel Nagar 2nd Cross Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification of Sakthivel Nagar 2nd Cross Street?

Sakthivel Nagar 2nd Cross Street is classified as Residential Class IV Type - I according to the local guidelines.