Guideline Value for Sarathi Nagar 2nd Street

Sarathi Nagar 2nd Street guideline value

The current guideline value of Sarathi Nagar 2nd Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class I Type - III.

How the guideline value of Sarathi Nagar 2nd Street has changed

The guideline value for Sarathi Nagar 2nd Street has undergone several revisions over the years. The earliest recorded figure is from 2002, where the guideline value was Rs 542 per sq.ft. This increased to Rs 608 per sq.ft in 2003, marking a 12% rise. Following this, there was a significant increase to Rs 5,000 per sq.ft in 2012, a 722% jump. However, the value then decreased to Rs 3,350 per sq.ft in 2017, reflecting a 33% decline. The most recent revision in 2024 sees the guideline value at Rs 5,500 per sq.ft, which is a 64% increase from the 2017 figure.

It is important to note that there are no recorded figures for Sarathi Nagar 2nd Street in the years 2007 and 2023.

Guideline values in Velachery

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

• Sarathi Nagar 2nd Cross Street: Rs 5,500 per sq.ft (2024)
• Sarathi Nagar 2nd Street Extn: Rs 5,500 per sq.ft (2024)
• Sarathi Nagar 1st Street: Rs 5,500 per sq.ft (2024)
• Sarathi Nagar 3rd Cross Street: Rs 5,500 per sq.ft (2024)
• Sarathi Nagar 1st Main Road: Rs 5,500 per sq.ft (2024)
• Sarathi Nagar 3rd Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Sarathi Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, resulting in a total of 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 2nd Street?

The Sub Registrar Office that covers Sarathi 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 Velachery

The guideline value is a crucial factor during 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 from stamp duties and registration fees.

When buying or selling property, the guideline value helps in assessing the financial implications of the transaction. Buyers and sellers must be aware of the guideline value to understand the costs associated with registration and to comply with legal requirements.

Frequently asked questions

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

The current guideline value of Sarathi Nagar 2nd 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 seen significant changes, increasing from Rs 542 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, which is a total increase of 915% over the period.

What is the land classification for Sarathi Nagar 2nd Street?

Sarathi Nagar 2nd Street is classified as Residential Class I Type - III, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Sarathi Nagar 2nd Street?

The Velacheri Sub Registrar Office covers Sarathi Nagar 2nd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How are stamp duty and registration fees calculated?

Stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. These fees are calculated based on the higher of the guideline value or the sale price of the property.