Guideline Value for Sarathi Nagar 1st Main Road

Sarathi Nagar 1st Main Road guideline value

The current guideline value of Sarathi Nagar 1st Main Road 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. The land classification for this area is Residential Class I Type - III.

How the guideline value of Sarathi Nagar 1st Main Road has changed

The guideline value for Sarathi Nagar 1st Main Road has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 5,500 per sq.ft, an increase from Rs 3,350 per sq.ft in the 2017 revision. Between 2017 and 2024, this represents a significant increase of 64%. However, from 2012 to 2017, the value decreased by 33%, moving from Rs 5,000 per sq.ft to Rs 3,350 per sq.ft. Overall, from 2012 to 2024, there has been a slight increase of 10% in the guideline value.

It is important to note that the register does not have figures for the years 2023, 2007, 2003, and 2002 for this street. The 2012 revision set the value at Rs 5,000 per sq.ft, which was the highest before the 2017 decrease.

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, placing Sarathi Nagar 1st Main Road's 2024 figure above this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the guideline value totals Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and 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 the stamp duty and registration fee calculator for more precise calculations based on your property details.

Which Sub Registrar Office covers Sarathi Nagar 1st Main Road?

The Sub Registrar Office that covers Sarathi Nagar 1st Main Road is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

How the guideline value is used when you buy or sell in Velachery

The guideline value is a critical factor in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When you proceed with a property transaction, the guideline value will influence the overall costs involved, including the stamp duty and registration fees. It is essential to be aware of the current guideline value to avoid any surprises during the registration process.

Frequently asked questions

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

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

How much has the guideline value changed over the years?

Since the 2012 revision, the guideline value has increased by 10% overall, with a significant increase of 64% from 2017 to 2024.

What is the land classification for Sarathi Nagar 1st Main Road?

Sarathi Nagar 1st Main Road is classified as Residential Class I Type - III.

Where can I find the Sub Registrar Office for Sarathi Nagar 1st Main Road?

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

How is the stamp duty calculated for properties in Sarathi Nagar 1st Main Road?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.