Guideline Value for Saraswathi Street

Saraswathi Street guideline value

The current guideline value of Saraswathi 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 Street has changed

According to the guideline value register, there are no recorded figures for Saraswathi Street in the years 2002, 2003, 2007, 2012, 2017, and 2023. The only revision available is from 2024, which shows a guideline value of Rs 3,300 per sq.ft.

As there are no figures for the previous years, it is important to note that the 2024 revision marks the first recorded value for this street. Therefore, there have been no changes between revisions as there were no prior figures to compare against.

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 village is Rs 2,750 per sq.ft, placing Saraswathi Street's 2024 figure above that median.

• Saraswathi Nagar West 5th Street: Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar West 4th Street: Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar West 2nd Street: Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar West 1st Street: Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar Nagar West 3rd Street: Rs 3,300 per sq.ft (2024)
• Saraswathi Nagar Main Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Saraswathi 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, bringing the total fees together 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.

You can use the stamp duty and registration fee calculator for more information on fees applicable to your property transaction.

Which Sub Registrar Office covers Saraswathi Street?

The Sub Registrar Office that covers Saraswathi 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 a crucial factor in property transactions in Madipakkam-1, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with registration requirements.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Saraswathi Street?

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

What land classification is Saraswathi Street under?

Saraswathi Street is classified as Residential Class I Type - II.

How many streets are there in Madipakkam-1?

There are 1823 streets in Madipakkam-1 under the Velacheri SRO that carry a 2024 guideline value.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft, which is lower than the guideline value of Saraswathi Street.

Where is the Velacheri Sub Registrar Office located?

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