Guideline Value for Saraswathi Nagar 2nd Street

Saraswathi Nagar 2nd Street guideline value

The current guideline value of Saraswathi Nagar 2nd 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 Street has changed

In the 2017 revision, the guideline value was Rs 2,010 per sq.ft. This increased to Rs 3,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft, which represents a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, there has been a total increase of 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 1823 streets under the Velacheri SRO with a 2024 guideline value 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, and the guideline value of Saraswathi Nagar 2nd Street is above this median.

• Saraswathi Nagar 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar 1st Street (S.No.29/1G): Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar 1st Street, A.G.S. Colony: Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar 4th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Saraswathi Nagar 2nd 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 be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is essential to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Saraswathi Nagar 2nd Street?

The Sub Registrar Office covering Saraswathi Nagar 2nd 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 Madipakkam-1

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Madipakkam-1, it is essential to be aware of the current guideline value, as it affects the stamp duty and registration fees payable.

At the time of registration, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

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

The current guideline value of Saraswathi Nagar 2nd 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 seen significant changes, from Rs 2,010 per sq.ft in 2017 to Rs 3,300 per sq.ft in 2024, representing an overall 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 office handles property registrations for Saraswathi Nagar 2nd Street?

The Velacheri Sub Registrar Office handles property registrations for Saraswathi Nagar 2nd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the guideline value determined for properties in Madipakkam-1?

The guideline value is determined based on various factors, including land classification and recent revisions. It is essential for calculating the minimum registration value and applicable duties during property transactions.