Guideline Value for Saraswathi Nagar

Saraswathi Nagar guideline value

The current guideline value for Saraswathi Nagar in Madipakkam-1 village, under the Velacheri SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - II land classification.

How the guideline value of Saraswathi Nagar has changed

The guideline value for Saraswathi Nagar 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 2023. The most recent revision in 2024 raised it further to Rs 3,300 per sq.ft, marking a 10% increase from the previous year. 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 years 2002, 2003, 2007, and 2012 in the register for this street. The revision from 2017 to 2023 saw a significant increase of 49% in the guideline value, reflecting changes in the area over time.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 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's 2024 figure above this median.

• Saraswathi Nagar 1st Cross Street: Rs 3,300 per sq.ft (2024)
• 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 Ammal Street: Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar 1st Street (S.No.29/1G): Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Saraswathi Nagar

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 is charged at 7%, resulting in Rs 2,31,000, while the registration fee is 2%, amounting to Rs 66,000. Together, the total cost for stamp duty and registration fee would be 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 details, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Saraswathi Nagar?

The Sub Registrar Office that covers Saraswathi Nagar 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 further assistance.

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

The guideline value is a critical factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees based on the higher value between the guideline value and the actual sale price. This ensures that the fees reflect the true value of the property being transferred.

Frequently asked questions

What is the current guideline value for Saraswathi Nagar?

The current guideline value for Saraswathi Nagar 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 an overall increase of 64% over this period.

What are the other streets in Madipakkam-1 with the same guideline value?

Several other streets in Madipakkam-1 also have a guideline value of Rs 3,300 per sq.ft as of 2024, including Saraswathi Nagar 1st Cross Street, 1st Main Road, and 1st Street.

What is the registration fee for property in Saraswathi Nagar?

The registration fee for property in Saraswathi Nagar is calculated at 2% of the guideline value. For example, for a property valued at Rs 33,00,000, the registration fee would be Rs 66,000.

Where can I find the Sub Registrar Office for Saraswathi Nagar?

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