Guideline Value for Samandam Nagar 1st Cross Street

Samandam Nagar 1st Cross Street guideline value

The current guideline value of Samandam Nagar 1st Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

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

The guideline value for Samandam Nagar 1st Cross Street has undergone several revisions over the years. The earliest available figure is from 2012, where the value was Rs 3,500 per sq.ft. This was followed by a decrease to Rs 2,345 per sq.ft in 2017, marking a decline of 33%. However, by 2023, the value increased significantly to Rs 3,500 per sq.ft, and in the latest revision for 2024, it rose again to Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

From 2017 to 2023, the guideline value saw a considerable increase of 49%. Overall, from 2012 to 2024, the value has increased by 10%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, which is equal to the current guideline value for Samandam Nagar 1st Cross Street.

• Samandam Nagar: Rs 3,850 per sq.ft (2024)
• Samandam Nagar Main Salai: Rs 3,850 per sq.ft (2024)
• Sambandam Nagar - Aravindar Street: Rs 3,850 per sq.ft (2024)
• Sai Ram Nagar Annexe: Rs 3,850 per sq.ft (2024)
• Sairam Avenue 3rd Street: Rs 3,300 per sq.ft (2024)
• Sairam Avenue 2nd Street: Rs 3,300 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty, charged at 7%, would be Rs 2,69,500, while the registration fee at 2% would be Rs 77,000, bringing the total fees together to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details on calculating stamp duty and registration fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Samandam Nagar 1st Cross Street?

The Sub Registrar Office that covers Samandam 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 Valasaravakkam

The guideline value plays a crucial role in the registration process when buying or selling property in Valasaravakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid to the government during the transaction.

When a property is sold, the buyer and seller must ensure that the sale price is at least equal to the guideline value to avoid any discrepancies during registration. This ensures that the government receives the appropriate fees based on the established guideline value.

Frequently asked questions

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

The current guideline value of Samandam Nagar 1st Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, marking a 10% increase. It was Rs 2,345 per sq.ft in 2017 and Rs 3,500 per sq.ft in 2012.

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

Samandam Nagar 1st Cross Street is classified as Residential Class II Type - I. This classification is important for determining the appropriate uses of the land.

Where can I find the registration office for this area?

The registration office for Samandam Nagar 1st Cross Street 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 this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft would incur a stamp duty of Rs 2,69,500.