Guideline Value for Sankar Nagar

Sankar Nagar guideline value

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

How the guideline value of Sankar Nagar has changed

The guideline value for Sankar Nagar has seen several revisions over the years. In 2002, the value was Rs 336 per sq.ft, which increased to Rs 380 per sq.ft in 2003, marking a 13% rise. The next revision in 2007 set the value at Rs 1,500 per sq.ft, reflecting a significant increase of 295%. Following this, the 2012 revision brought the value to Rs 3,500 per sq.ft, an increase of 133% from the previous figure.

The most recent revision in 2024 set the guideline value at Rs 3,850 per sq.ft, which is a 10% increase from the 2012 figure. Notably, there are no figures available for the years 2017 and 2023 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, which means that the guideline value for Sankar Nagar is below this median.

• Sankaran Nayar Avenue 3rd Street: Rs 6,600 per sq.ft (2024)
• Sankaran Nayar Avenue 2nd Street: Rs 6,600 per sq.ft (2024)
• Sankaran Nayar Avenue 1st Street: Rs 6,600 per sq.ft (2024)
• Sankaran Nayar Avenue: Rs 6,600 per sq.ft (2024)
• Sankaran Avenue Radha Mohan Street: Rs 6,600 per sq.ft (2024)
• Sankaran Avenue Janakpuri 1st Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Sankar Nagar

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 duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sankar Nagar?

The Sub Registrar Office that covers Sankar Nagar 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 Velachery

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

Frequently asked questions

What is the current guideline value of Sankar Nagar?

The current guideline value of Sankar Nagar 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 336 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, showing an overall increase of 1046% over the years.

What is the land classification for Sankar Nagar?

Sankar Nagar is classified as Residential Class II Type - III.

Where can I find the Velacheri Sub Registrar Office?

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

How is stamp duty calculated for properties in Sankar Nagar?

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