Guideline Value for Sankaran Street

Sankaran Street guideline value

The current guideline value of Sankaran Street in Madipakkam-1 village is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Velacheri SRO and is classified as Residential Class II Type - II.

How the guideline value of Sankaran Street has changed

The guideline value for Sankaran Street has undergone several revisions over the years. The 2017 revision set the value at Rs 1,005 per sq.ft, which increased to Rs 1,500 per sq.ft in the 2023 revision. The latest revision in 2024 has raised the value to Rs 1,650 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. Sankaran Street's 2024 guideline value is below this median.

• Sankaranathan Street: Rs 1,650 per sq.ft (2024)
• Sankara Nagar/Sivaprakasa Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Sankaradasar Street: Rs 2,200 per sq.ft (2024)
• Sannathi Street: Rs 2,200 per sq.ft (2024)
• Sannathi Street Ayyappa Nagar Extn: Rs 2,200 per sq.ft (2024)
• Samy Nagar Main Road: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Sankaran Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that 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 Sankaran Street?

The Sub Registrar Office that covers Sankaran Street 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 critical factor in the registration process when buying or selling property in Madipakkam-1. 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 used to calculate the applicable duties and fees, ensuring that the transaction is compliant with local regulations. Buyers and sellers should be aware of the current guideline value to understand their financial obligations during the property transaction.

Frequently asked questions

What is the current guideline value of Sankaran Street?

The current guideline value of Sankaran Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

From the 2023 revision to the 2024 revision, the guideline value increased by 10%. Overall, from the 2017 revision to the 2024 revision, it has increased by 64%.

What is the land classification for Sankaran Street?

Sankaran Street is classified as Residential Class II Type - II under the current regulations.

Where can I find the registration office for Sankaran Street?

The registration office for Sankaran Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Sankaran Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000, leading to a stamp duty of Rs 1,15,500.