Guideline Value for Saraswathi Nagar 4th Street

Saraswathi Nagar 4th Street guideline value

The current guideline value of Saraswathi Nagar 4th 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 4th Street has changed

The guideline value for Saraswathi Nagar 4th Street has seen several revisions over the years. The 2017 revision set the value at Rs 2,010 per sq.ft, which increased to Rs 3,000 per sq.ft in the 2023 revision. The most recent revision in 2024 raised the guideline value to Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that there are no figures available for the revisions in 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 for these streets is Rs 2,750 per sq.ft, placing the 2024 value of Saraswathi Nagar 4th Street above this median.

• Saraswathi Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar 6th Street: Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar 7th Street: Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar 8th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Saraswathi Nagar 4th 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 to Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Saraswathi Nagar 4th Street?

The Saraswathi Nagar 4th Street falls under 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 an important factor when registering property transactions in Madipakkam-1. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value helps in determining the legal value of the property for registration purposes. Buyers and sellers must consider this value to ensure compliance with local regulations and to avoid any potential legal issues during the transaction.

Frequently asked questions

What is the current guideline value of Saraswathi Nagar 4th Street?

The current guideline value of Saraswathi Nagar 4th 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, reflecting an overall increase of 64% over this period.

What are the other streets with the same guideline value?

Other streets in Madipakkam-1, including Saraswathi Nagar 2nd, 3rd, 5th, 6th, 7th, and 8th Streets, also have a guideline value of Rs 3,300 per sq.ft for 2024.

Where can I find the Velacheri Sub Registrar Office?

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

How is stamp duty calculated for properties in Saraswathi Nagar 4th Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000.