Guideline Value for Sangareeshwari Nagar 1st Street

Sangareeshwari Nagar 1st Street guideline value

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

How the guideline value of Sangareeshwari Nagar 1st Street has changed

The guideline value for Sangareeshwari Nagar 1st Street has seen several revisions over the years. The earliest recorded value in the register is from 2002, where it was Rs 478 per sq.ft. This increased to Rs 530 per sq.ft in 2003, marking an 11% rise. The value then rose to Rs 750 per sq.ft in 2007, representing a 42% increase. Following that, the value surged to Rs 3,500 per sq.ft in 2012, which was a significant 367% increase. However, from 2012 to 2017, the value dropped to Rs 2,345 per sq.ft, a decrease of 33%. The value then increased to Rs 3,500 per sq.ft in 2023, showing a 49% rise. The most recent revision in 2024 has set the guideline value at Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that the register has no figure for Sangareeshwari Nagar 1st Street for the years not mentioned above. Overall, from 2002 to 2024, the guideline value has increased by 705%.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing Sangareeshwari Nagar 1st Street's 2024 figure below that median.

• Sangareeshwari Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Sangareeshwari Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Sanjay Gandhi Nagar: Rs 3,850 per sq.ft (2024)
• Sanjay Gandhi Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Sanjay Gandhi Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Sanjay Gandhi Nagar 3rd Street: Rs 3,850 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000. Therefore, the total cost for stamp duty and registration would be 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 information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sangareeshwari Nagar 1st Street?

The Sub Registrar Office that covers Sangareeshwari Nagar 1st 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 additional assistance.

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

The guideline value plays a crucial role during the registration of properties in Virugambakkam. It is used to determine the stamp duty and registration fees that buyers and sellers must pay when completing a property transaction. The guideline value is set by the Registration Department and is updated periodically to reflect changes in the market.

When a property is sold, the buyer is required to pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value for Sangareeshwari Nagar 1st Street?

The current guideline value for Sangareeshwari Nagar 1st 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 significantly from Rs 478 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 705% over the years.

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

For a 1,000 sq.ft property at the current guideline value, the total guideline value would be Rs 38,50,000. The stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Where can I find the Sub Registrar Office for Sangareeshwari Nagar 1st Street?

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

What is the land classification for Sangareeshwari Nagar 1st Street?

The land classification for Sangareeshwari Nagar 1st Street is Residential Class III Type - II.