Guideline Value for Samy Nagar Extension II

Samy Nagar Extension II guideline value

The current guideline value of Samy Nagar Extension II is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Madipakkam-1 village, under the Velacheri SRO, and is classified as Residential Class I Type - III.

How the guideline value of Samy Nagar Extension II has changed

Since the 2017 revision, the guideline value for Samy Nagar Extension II has seen significant changes. In 2017, the guideline value was Rs 1,675 per sq.ft. This increased to Rs 2,500 per sq.ft in 2023, marking a 49% rise. The most recent revision in 2024 set the value at Rs 2,750 per sq.ft, reflecting a 10% increase from the 2023 figure. Overall, from 2017 to 2024, the guideline value has increased by 64%.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. The 2024 guideline value of Rs 2,750 per sq.ft is the current rate.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with a 2024 guideline value range from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value is Rs 2,750 per sq.ft, which is equal to the current value for Samy Nagar Extension II.

• Samy Nagar Extension 4: Rs 2,750 per sq.ft (2024)
• Samy Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Samy Nagar Extension 3: Rs 2,750 per sq.ft (2024)
• Samy Nagar Extension: Rs 2,750 per sq.ft (2024)
• Samy Nagar: Rs 2,750 per sq.ft (2024)
• Saminathan Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Samy Nagar Extension II

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, resulting in a total of Rs 2,47,500. 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 Samy Nagar Extension II?

The Sub Registrar Office that covers Samy Nagar Extension II 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 details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor when registering property transactions in Madipakkam-1. It serves as the basis for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value must be considered as it influences the overall cost of the transaction. Buyers should ensure they are aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Samy Nagar Extension II?

The current guideline value of Samy Nagar Extension II is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, marking a 64% increase overall. The value rose from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024.

What is the land classification for Samy Nagar Extension II?

Samy Nagar Extension II is classified as Residential Class I Type - III, indicating its suitability for residential development.

What are the stamp duty rates for property transactions?

The stamp duty rate is 7% of the guideline value or sale price, whichever is higher. Additionally, there is a registration fee of 2% based on the same criteria.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. This office handles registrations for properties in the area.