Guideline Value for Sarathi Nagar 1st Street

Sarathi Nagar 1st Street guideline value

The current guideline value of Sarathi Nagar 1st Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. It is classified as Residential Class I Type - III.

How the guideline value of Sarathi Nagar 1st Street has changed

Looking at the historical revisions, the guideline value for Sarathi Nagar 1st Street was Rs 5,000 per sq.ft in 2012. This figure decreased to Rs 3,350 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2024, the guideline value increased significantly to Rs 5,500 per sq.ft, reflecting a rise of 64%. Overall, from 2012 to 2024, the guideline value has seen a slight increase of 10%.

It is important to note that the register has no figure for Sarathi Nagar 1st Street for the years 2023, 2007, 2003, and 2002.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a guideline value for 2024, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing Sarathi Nagar 1st Street's 2024 guideline value above the median.

• Sarathi Nagar 1st Main Road: Rs 5,500 per sq.ft (2024)
• Sarathi Nagar 2nd Cross Street: Rs 5,500 per sq.ft (2024)
• Sarathi Nagar 1st Cross Street: Rs 5,500 per sq.ft (2024)
• Sarathi Nagar 2nd Street: Rs 5,500 per sq.ft (2024)
• Sarathi Nagar 100Ft Road: Rs 13,200 per sq.ft (2024)
• Sarathi Nagar 2nd Street Extn: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Sarathi Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, while the registration fee at 2% would be Rs 1,10,000. Together, the total cost for these fees would be Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Sarathi Nagar 1st Street?

The Sub Registrar Office that covers Sarathi Nagar 1st 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 Velachery

The guideline value is a critical factor in the registration of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the guideline value is considered alongside the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring compliance with legal requirements during the transaction process.

Frequently asked questions

What is the current guideline value of Sarathi Nagar 1st Street?

The current guideline value of Sarathi Nagar 1st Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 5,000 per sq.ft in 2012 to Rs 3,350 per sq.ft in 2017, and then it increased to Rs 5,500 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in Sarathi Nagar 1st Street?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which office handles property registrations for Sarathi Nagar 1st Street?

The Velacheri Sub Registrar Office handles property registrations for Sarathi Nagar 1st Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Sarathi Nagar 1st Street?

Sarathi Nagar 1st Street is classified as Residential Class I Type - III, indicating its suitability for residential development.