Guideline Value for Saraswathi Nagar East 3rd Street

Saraswathi Nagar East 3rd Street guideline value

The current guideline value of Saraswathi Nagar East 3rd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, and it falls under the Residential Class I Type - II land classification.

How the guideline value of Saraswathi Nagar East 3rd Street has changed

The guideline value for Saraswathi Nagar East 3rd Street has seen significant changes over the years. In the 2017 revision, the value was Rs 2,010 per sq.ft, which increased to Rs 3,000 per sq.ft in the 2023 revision, marking a 49% increase. The latest revision in 2024 has set the value at Rs 3,300 per sq.ft, reflecting a 10% rise from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value for Saraswathi Nagar East 3rd Street is above this median.

• Saraswathi Nagar East 1st Street: Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar East 4th Street: Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar East 5th Street: Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar East 6th Street: Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar East 7th Street: Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar Andal Nagar Extn: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Saraswathi Nagar East 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Saraswathi Nagar East 3rd Street?

The Sub Registrar Office that covers Saraswathi Nagar East 3rd 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 details.

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

The guideline value is an important factor in the registration process when buying or selling property in Madipakkam-1. It determines the minimum value at which the property can be registered, ensuring that the transaction is recorded accurately in the government records.

When a property is sold, the buyer and seller must consider the guideline value to calculate the applicable stamp duty and registration fees. This value helps in maintaining transparency in property transactions and ensures compliance with the legal requirements set by the Registration Department.

Frequently asked questions

What is the current guideline value of Saraswathi Nagar East 3rd Street?

The current guideline value of Saraswathi Nagar East 3rd Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since 2017, the guideline value has increased from Rs 2,010 per sq.ft to Rs 3,300 per sq.ft in 2024, representing an overall increase of 64%.

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

Other streets in Madipakkam-1 under the Velacheri SRO have varying guideline values, with rates for the 2024 revision ranging from Rs 3,300 per sq.ft for multiple streets to Rs 5,500 per sq.ft for others.

What fees are associated with buying property in Saraswathi Nagar East 3rd Street?

When buying property in Saraswathi Nagar East 3rd Street, buyers should account for stamp duty at 7% and a registration fee at 2% of the guideline value, which is Rs 3,300 per sq.ft.

Where can I find the Sub Registrar Office for Saraswathi Nagar East 3rd Street?

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