Guideline Value for Saraswathi Nagar 1st Cross Street

Saraswathi Nagar 1st Cross Street guideline value

The current guideline value of Saraswathi Nagar 1st Cross 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 is classified as Residential Class I Type - II.

How the guideline value of Saraswathi Nagar 1st Cross Street has changed

The guideline value for Saraswathi Nagar 1st Cross Street has seen significant changes over the years. The oldest recorded revision is from 2017, where the guideline value was Rs 2,010 per sq.ft. This figure increased to Rs 3,000 per sq.ft in 2023, marking a substantial rise of 49%. The most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, there has been a total increase of 64% in the guideline value. It is important to note that there are no recorded figures for this street in the register for the years 2002, 2003, 2007, and 2012.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values for 2024 ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, positioning Saraswathi Nagar 1st Cross Street above this median value.

• Saraswathi Nagar 1st Main Road: Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar 1st Street, A.G.S. Colony: Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar 1st Street (S.No.29/1G): Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar 2nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Saraswathi Nagar 1st Cross 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, charged 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 or 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 1st Cross Street?

The Sub Registrar Office that covers Saraswathi Nagar 1st Cross 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 essential factor in property transactions within Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees.

During the registration process, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Saraswathi Nagar 1st Cross Street?

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

How has the guideline value changed over the years?

The guideline value has increased from Rs 2,010 per sq.ft in 2017 to Rs 3,300 per sq.ft in 2024, marking a total increase of 64% over this period.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office handles registrations for this street?

The Velacheri Sub Registrar Office at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042, covers Saraswathi Nagar 1st Cross Street.

What is the median guideline value in Madipakkam-1?

The median guideline value for streets in Madipakkam-1 is Rs 2,750 per sq.ft, with Saraswathi Nagar 1st Cross Street's value being above this median at Rs 3,300 per sq.ft.