Guideline Value for Saraswathi Nagar 2nd Cross Street

Saraswathi Nagar 2nd Cross Street guideline value

The current guideline value of Saraswathi Nagar 2nd 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, classified as Residential Class I Type - II.

How the guideline value of Saraswathi Nagar 2nd Cross Street has changed

The guideline value for Saraswathi Nagar 2nd Cross Street has undergone several revisions over the years. The 2017 revision set the value at Rs 2,010 per sq.ft. This increased significantly to Rs 3,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent 2024 revision has further increased the value to Rs 3,300 per sq.ft, reflecting a 10% increase 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, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, placing Saraswathi Nagar 2nd Cross Street's 2024 figure above that median.

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

Stamp duty and registration fee for property in Saraswathi Nagar 2nd 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 would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, making the total cost for these fees Rs 2,97,000. It is important to note that 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 2nd Cross Street?

The Sub Registrar Office that covers Saraswathi Nagar 2nd 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 plays a crucial role during the registration of property transactions in Madipakkam-1. It serves as the basis for calculating stamp duty and registration fees, ensuring that these costs are aligned with the official valuation of the property.

When buying or selling property, the guideline value is used to determine the minimum value at which the property can be registered. This helps in maintaining transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Saraswathi Nagar 2nd Cross Street?

The current guideline value of Saraswathi Nagar 2nd 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 changed from Rs 2,010 per sq.ft in 2017 to Rs 3,300 per sq.ft in 2024, representing a total increase of 64% over this period.

What is the registration office for Saraswathi Nagar 2nd Cross Street?

The registration office for Saraswathi Nagar 2nd Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is 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, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000 at a rate of 7%.

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

Other streets in Madipakkam-1 under the Velacheri SRO have the same guideline value of Rs 3,300 per sq.ft in 2024, including Saraswathi Nagar 1st Street, Saraswathi Nagar 2nd Street, and others.