Guideline Value for Sarathi Nagar 2nd Street Extn

Sarathi Nagar 2nd Street Extn guideline value

The current guideline value of Sarathi Nagar 2nd Street Extn 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 Extn has changed

Over the years, the guideline value of Sarathi Nagar 2nd Street Extn has seen several revisions. The 2012 revision set the value at Rs 5,000 per sq.ft, which was followed by a decrease to Rs 3,350 per sq.ft in the 2017 revision. However, the most recent 2024 revision has increased the guideline value significantly to Rs 5,500 per sq.ft. Notably, the register has no figures for this street in the years 2002, 2003, 2007, and 2023.

When looking at the changes, the guideline value increased by 64% from 2017 to 2024. Conversely, there was a decrease of 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has seen a slight increase of 10%.

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 guideline value for these streets is Rs 4,400 per sq.ft, placing Sarathi Nagar 2nd Street Extn above this median.

• Sarathi Nagar 2nd Street: Rs 5,500 per sq.ft (2024)
• Sarathi Nagar 3rd Cross Street: Rs 5,500 per sq.ft (2024)
• Sarathi Nagar 2nd Cross Street: Rs 5,500 per sq.ft (2024)
• Sarathi Nagar 3rd Street: Rs 5,500 per sq.ft (2024)
• Sarathi Nagar 1st Street: Rs 5,500 per sq.ft (2024)
• Sarathi Nagar 4th Cross Street: Rs 5,500 per sq.ft (2024)

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

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

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

The Sarathi Nagar 2nd Street Extn falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role 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. This ensures that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable stamp duty and registration fees. This process helps maintain transparency and standardization in property transactions.

Frequently asked questions

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

The current guideline value of Sarathi Nagar 2nd Street Extn 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 to Rs 5,500 per sq.ft in 2024. The register has no figures for the years 2002, 2003, 2007, and 2023.

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

Sarathi Nagar 2nd Street Extn is classified as Residential Class I Type - III.

What are the stamp duty and registration fees for property in Sarathi Nagar 2nd Street Extn?

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. Duty is charged on the higher of the guideline value or the sale price.

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

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