Guideline Value for Sankar Nagar

Sankar Nagar guideline value

The current guideline value of Sankar Nagar, located in Maduravoyal village under the Virugambakkam SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class IV Type - I land classification.

How the guideline value of Sankar Nagar has changed

The guideline value of Sankar Nagar has undergone several revisions over the years. In 2002, the value was Rs 93 per sq.ft, which increased to Rs 102 per sq.ft in 2003. Following this, the value rose significantly to Rs 300 per sq.ft in 2007, and then to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017. The value then increased to Rs 2,500 per sq.ft in 2023, and most recently to Rs 2,750 per sq.ft in 2024.

Examining the changes between the revisions, we see that the increase from 2017 to 2023 was 49%, while the 2023 to 2024 revision saw a 10% increase. Notably, the value jumped by 733% from 2007 to 2012, and there was a 194% increase from 2003 to 2007. Overall, from 2002 to 2024, the guideline value has increased by 2,857%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft, with the median being Rs 3,050 per sq.ft. The guideline value of Sankar Nagar is below this median.

• Sannathi 1st Cross Street: Rs 3,050 per sq.ft (2024)
• Sannathi 2nd Cross Street: Rs 3,050 per sq.ft (2024)
• Sannathi Street: Rs 3,050 per sq.ft (2024)
• Sannathi Street Main Road: Rs 3,050 per sq.ft (2024)
• Sammanda Naicker Road: Rs 2,750 per sq.ft (2024)
• Sathyamurthy Nagar: Rs 3,300 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 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total charges to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Sankar Nagar?

The Sub Registrar Office that covers Sankar Nagar is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Maduravoyal. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is considered to ensure that the transaction is accurately reflected in official records. This helps maintain transparency and uniformity in property transactions within the region.

Frequently asked questions

What is the current guideline value of Sankar Nagar?

The current guideline value of Sankar Nagar 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 seen several revisions, with the most recent increase being from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024. Overall, from 2002 to 2024, the value has increased by 2,857%.

What are the guideline values of other streets in Maduravoyal?

Other streets in Maduravoyal have varying guideline values. For instance, Sannathi 1st Cross Street, Sannathi 2nd Cross Street, Sannathi Street, and Sannathi Street Main Road all have a guideline value of Rs 3,050 per sq.ft in 2024.

What are the stamp duty and registration fees for a property in Sankar Nagar?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500, and the registration fee would be Rs 55,000, totaling Rs 2,47,500. The duty is charged on the higher of the guideline value or the sale price.

Which Sub Registrar Office covers Sankar Nagar?

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