Guideline Value for Sapthagiri Street

Sapthagiri Street guideline value

The current guideline value of Sapthagiri Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Sapthagiri Street has changed

In the 2012 revision, the guideline value was Rs 1,500 per sq.ft. This figure remained unchanged until the 2017 revision, where it decreased to Rs 1,005 per sq.ft, marking a decline of 33%. The value then increased significantly to Rs 1,500 per sq.ft in the 2023 revision, followed by a further increase to Rs 1,650 per sq.ft in the 2024 revision, which represents a 10% rise from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has seen a 10% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Chitlapakkam

Chitlapakkam has a total of 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for the village is Rs 1,650 per sq.ft, which is the same as the current value for Sapthagiri Street.

• Saradha Avenue 2nd Street: Rs 2,750 per sq.ft (2024)
• Saradha Avenue 3rd Street: Rs 2,750 per sq.ft (2024)
• Saradha Avenue 4th Street: Rs 2,750 per sq.ft (2024)
• Saradha Avenue 5th Street: Rs 2,750 per sq.ft (2024)
• Saradha Avenue 6th Street: Rs 2,750 per sq.ft (2024)
• Saradha Avenue 7th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Sapthagiri 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 cost 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sapthagiri Street?

The Sub Registrar Office that covers Sapthagiri Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Chitlapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is in accordance with the prevailing market standards.

When buying or selling property, the guideline value influences the calculation of stamp duty and registration fees. These fees are based on the guideline value or the sale price, whichever is higher, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sapthagiri Street?

The current guideline value of Sapthagiri 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 changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for Sapthagiri Street?

The land classification for Sapthagiri Street is Residential Class I Type - III.

Which office handles the registration for Sapthagiri Street?

The Tambaram Joint 1 Sub Registrar Office handles the registration for Sapthagiri Street, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is the stamp duty calculated for properties in Chitlapakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 at 7%.