Guideline Value for Sangareeshwari Nagar 2nd Street

Sangareeshwari Nagar 2nd Street guideline value

The current guideline value of Sangareeshwari Nagar 2nd Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class III Type - II.

How the guideline value of Sangareeshwari Nagar 2nd Street has changed

The guideline value for Sangareeshwari Nagar 2nd Street has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 478 per sq.ft. This increased to Rs 530 per sq.ft in 2003, marking an 11% rise. The value then saw a significant increase of 42% to Rs 750 per sq.ft in 2007. In 2012, the value rose dramatically by 367% to Rs 3,500 per sq.ft. However, it decreased by 33% to Rs 2,345 per sq.ft in 2017. The 2023 revision recorded a value of Rs 3,500 per sq.ft, and the latest revision in 2024 set the value at Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 705%. There are no figures available for the revisions in years other than those specified.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO, with 2024 guideline values 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 2nd Street's 2024 guideline value below this median.

• Sangareeshwari Nagar 1st 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 2nd 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, bringing the total to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Sangareeshwari Nagar 2nd Street?

The Sub Registrar Office that covers Sangareeshwari Nagar 2nd 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 Virugambakkam

The guideline value is a crucial factor when registering a property in Virugambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must ensure that the transaction complies with the guideline value to avoid any legal issues during the registration process.

When a property is sold, the guideline value is used to assess the duty payable, which is calculated on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

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

The current guideline value of Sangareeshwari Nagar 2nd 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 478 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, representing an overall increase of 705% over this period.

What is the land classification for Sangareeshwari Nagar 2nd Street?

Sangareeshwari Nagar 2nd Street is classified as Residential Class III Type - II.

Where is the Virugambakkam Sub Registrar Office located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Sangareeshwari Nagar 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 38,50,000, the stamp duty at 7% would amount to Rs 2,69,500.