Guideline Value for Saminathan Street

Saminathan Street guideline value

The current guideline value of Saminathan Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class II Type - I.

How the guideline value of Saminathan Street has changed

The guideline value for Saminathan Street has seen several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft, which increased to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent 2024 revision has further increased the value to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for this street in the revisions from 2002, 2003, 2007, and 2012.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, placing Saminathan Street's 2024 figure below that median.

• Samy Nagar: Rs 2,750 per sq.ft (2024)
• Samy Nagar Extension: Rs 2,750 per sq.ft (2024)
• Samy Nagar Extension 3: Rs 2,750 per sq.ft (2024)
• Samy Nagar Extension 4: Rs 2,750 per sq.ft (2024)
• Samy Nagar Extension II: Rs 2,750 per sq.ft (2024)
• Samy Nagar Main Road: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Saminathan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to 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 Saminathan Street?

The Sub Registrar Office covering Saminathan 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 Madipakkam-1

The guideline value is a crucial factor during the registration of property transactions in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of property registration.

When buying or selling property, the guideline value helps ensure that the transaction is recorded accurately, reflecting the official valuation of the property. This helps in maintaining transparency in property dealings and ensures compliance with local regulations.

Frequently asked questions

What is the current guideline value of Saminathan Street?

The current guideline value of Saminathan Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024, marking an overall increase of 64%.

What are the stamp duty and registration fees for property in Saminathan Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total stamp duty and registration fee would amount to Rs 1,98,000.

Which Sub Registrar Office is responsible for Saminathan Street?

The Velacheri Sub Registrar Office is responsible for Saminathan Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the median guideline value in Madipakkam-1?

The median guideline value for streets in Madipakkam-1 is Rs 2,750 per sq.ft, which is higher than the current guideline value of Saminathan Street.