Guideline Value for Sarathi Nagar 2nd Cross Street

Sarathi Nagar 2nd Cross Street guideline value

The current guideline value of Sarathi Nagar 2nd Cross 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. The land classification for this area is Residential Class I Type - III.

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

The guideline value for Sarathi Nagar 2nd Cross Street has undergone several revisions over the years. The earliest recorded revision was in 2012, where the guideline value was Rs 5,000 per sq.ft. This was followed by a decrease in the 2017 revision to Rs 3,350 per sq.ft, marking a significant drop of 33%. However, the most recent revision in 2024 saw a substantial increase, bringing the value back up to Rs 5,500 per sq.ft, which is a 64% increase from the 2017 figure.

Overall, from the 2012 revision to the 2024 revision, the guideline value has seen a slight increase of 10%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2023 in the register for this street.

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, with a median value of Rs 4,400 per sq.ft. Sarathi Nagar 2nd Cross Street's 2024 figure of Rs 5,500 per sq.ft is above this median.

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

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

For a 1,000 sq.ft plot at the current rate of Rs 5,500 per sq.ft, the 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, making the total charges Rs 4,95,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sarathi Nagar 2nd Cross Street?

The Sub Registrar Office that covers Sarathi Nagar 2nd Cross 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 plays a crucial role in the registration process of property transactions in Velachery. When a property is bought or sold, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the transaction is recorded at a fair value as per the government regulations.

Buyers and sellers must be aware that the guideline value can vary significantly from one street to another, impacting the overall cost of the transaction. It is advisable to check the latest guideline values before proceeding with any property dealings.

Frequently asked questions

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

The current guideline value of Sarathi Nagar 2nd Cross 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 increased to Rs 5,500 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2007, and 2023.

What is the land classification of Sarathi Nagar 2nd Cross Street?

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

Where can I find the registration office for Sarathi Nagar 2nd Cross Street?

The registration office for Sarathi Nagar 2nd Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Sarathi Nagar 2nd Cross Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total stamp duty and registration fees would amount to Rs 4,95,000.