Guideline Value for Sapthagiri Street

Sapthagiri Street guideline value

The current guideline value of Sapthagiri Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Sapthagiri Street has changed

The guideline value for Sapthagiri Street has seen significant changes over the years. In 2002, the guideline value was Rs 336 per sq.ft, which increased to Rs 377 per sq.ft in 2003, marking a 12% rise. By 2007, the value surged to Rs 1,500 per sq.ft, reflecting a substantial increase of 298%. The 2012 revision set the value at Rs 4,000 per sq.ft, a 167% increase from the previous revision. The most recent revision in 2024 has raised the guideline value to Rs 4,400 per sq.ft, which is a 10% increase from 2012.

There are no figures available for the years 2017 and 2023 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 1210%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which is the same as that of Sapthagiri Street. Below are other streets in Velachery with their respective guideline values:

• Saraswathi Nagar 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Sannathi Street: Rs 3,300 per sq.ft (2024)
• Sarathi Nagar 100Ft Road: Rs 13,200 per sq.ft (2024)
• Sarathi Nagar 1st Cross Street: Rs 5,500 per sq.ft (2024)
• Sarathi Nagar 1st Main Road: Rs 5,500 per sq.ft (2024)
• Sarathi Nagar 1st Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Sapthagiri Street

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. 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 details.

Which Sub Registrar Office covers Sapthagiri Street?

The Sub Registrar Office that covers Sapthagiri 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 Velachery

The guideline value is a critical factor in the registration process when buying or selling property in Velachery. 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 compared with the sale price, and the higher of the two amounts is used to calculate the applicable duties and fees. This ensures that the government receives the 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 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 336 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 1210% over this period.

What is the land classification for Sapthagiri Street?

Sapthagiri Street is classified as Residential Class II Type - II, which indicates its suitability for residential purposes.

Where can I find the Sub Registrar Office for Sapthagiri Street?

The Velacheri Sub Registrar Office, which covers Sapthagiri Street, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 44,00,000, the stamp duty at 7% would be Rs 3,08,000.