Guideline Value for Sankaranathan Street

Sankaranathan Street guideline value

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

How the guideline value of Sankaranathan Street has changed

The guideline value for Sankaranathan Street has seen several revisions over the years. The oldest recorded revision is from 2017, where the value was Rs 1,005 per sq.ft. This increased to Rs 1,500 per sq.ft in the 2023 revision, marking a significant rise of 49%. The latest revision in 2024 set the value at Rs 1,650 per sq.ft, which is a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that there are no recorded figures for the years 2002, 2003, 2007, and 2012 for Sankaranathan Street in the register.

Guideline values in Madipakkam-1

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

• Sankara Nagar/Sivaprakasa Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Sankaran Street: Rs 1,650 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 Sankaranathan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to 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 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 Sankaranathan Street?

The Sub Registrar Office that covers Sankaranathan 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 further assistance.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a critical factor during the registration of property transactions in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that both buyers and sellers are aware of the financial implications of their transactions.

When buying or selling property, the guideline value helps in assessing the official value of the property, which is used for tax purposes. It is essential for both parties to consider this value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Sankaranathan Street?

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

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,005 per sq.ft in 2017 to Rs 1,650 per sq.ft in 2024, marking an overall increase of 64% over this period.

What are the guideline values for other streets in Madipakkam-1?

Other streets in Madipakkam-1 have varying guideline values, with rates ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value in this area is Rs 2,750 per sq.ft.

What fees are associated with buying property on Sankaranathan Street?

When buying property on Sankaranathan Street, you will incur a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Which office handles the registration for Sankaranathan Street?

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