Guideline Value for Sannathi Street

Sannathi Street guideline value

The current guideline value of Sannathi Street in Madipakkam-1 village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Velacheri SRO and is classified as Residential Class II Type - I.

How the guideline value of Sannathi Street has changed

The guideline value for Sannathi Street has seen significant changes over the years. In the 2017 revision, the value was Rs 1,340 per sq.ft, which increased to Rs 2,000 per sq.ft in 2023, marking a 49% rise. The latest revision in 2024 has set the value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the years 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 64%.

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. The median value for these streets is Rs 2,750 per sq.ft, indicating that Sannathi Street's 2024 value is below this median.

• Sannathi Street Ayyappa Nagar Extn: Rs 2,200 per sq.ft (2024)
• Sankaran Street: Rs 1,650 per sq.ft (2024)
• 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)
• Samy Nagar Main Road: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Sannathi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Sannathi Street?

The Sub Registrar Office that covers Sannathi 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 information.

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

The guideline value plays a crucial role during property registration in Madipakkam-1. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the correct revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sannathi Street?

The current guideline value of Sannathi Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024, a total increase of 64% over the seven years.

What is the land classification for Sannathi Street?

Sannathi Street is classified as Residential Class II Type - I, which indicates its designation for residential use.

Where can I find the registration office for Sannathi Street?

The registration office for Sannathi 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 Sannathi Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 at 7%.