Guideline Value for Sapthagiri Colony 1st Street

Sapthagiri Colony 1st Street guideline value

The current guideline value of Sapthagiri Colony 1st Street is Rs 7,000 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village, under the Ashok Nagar SRO, and is classified as Residential Special Type - III.

How the guideline value of Sapthagiri Colony 1st Street has changed

The guideline value for Sapthagiri Colony 1st Street has seen several revisions over the years. The 2007 revision set the value at Rs 1,210 per sq.ft, which increased significantly to Rs 6,500 per sq.ft in 2012. However, this was followed by a decrease to Rs 4,355 per sq.ft in 2017. The value then rose sharply to Rs 6,500 per sq.ft in 2023, and finally reached Rs 7,000 per sq.ft in the 2024 revision, marking an 8% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. The 2012 to 2017 period saw a decrease of 33%, while the jump from 2007 to 2012 was a remarkable 437%. Overall, from 2007 to 2024, the guideline value has increased by 479%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median value is Rs 4,900 per sq.ft, placing Sapthagiri Colony 1st Street's 2024 figure above this median.

• Sapthagiri Colony 2nd Street: Rs 7,000 per sq.ft (2024)
• Sapthagiri Colony Main Road: Rs 7,000 per sq.ft (2024)
• Sannathi Street Block 6: Rs 6,600 per sq.ft (2024)
• Sanjay Gandhi Salai S.No.394: Rs 3,300 per sq.ft (2024)
• Sanjai Gandhi Street: Rs 3,300 per sq.ft (2024)
• Sangeetha Colony: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Sapthagiri Colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,000 per sq.ft, the total guideline value would be Rs 70,00,000. The stamp duty at 7% would be Rs 4,90,000, and the registration fee at 2% would be Rs 1,40,000, bringing the total to Rs 6,30,000. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sapthagiri Colony 1st Street?

The Sub Registrar Office that covers Sapthagiri Colony 1st Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur EB Office. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kodambakkam, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

It is essential for buyers and sellers to be aware of the guideline value, as it can affect the overall cost of the transaction. Understanding the guideline value helps in making informed decisions during property dealings in the area.

Frequently asked questions

What is the current guideline value of Sapthagiri Colony 1st Street?

The current guideline value of Sapthagiri Colony 1st Street is Rs 7,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,210 per sq.ft in 2007 to Rs 7,000 per sq.ft in 2024, reflecting a total increase of 479% over the years.

What is the land classification for Sapthagiri Colony 1st Street?

Sapthagiri Colony 1st Street is classified as Residential Special Type - III.

Which Sub Registrar Office covers the area?

The Ashok Nagar Sub Registrar Office covers Sapthagiri Colony 1st Street, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in this area?

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 70,00,000 would incur a stamp duty of Rs 4,90,000 at 7%.