Guideline Value for Sarathi Nagar 5th Street

Sarathi Nagar 5th Street guideline value

The current guideline value of Sarathi Nagar 5th 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 5th Street has changed

The guideline value for Sarathi Nagar 5th Street has seen several revisions over the years. The 2012 revision set the value at Rs 5,000 per sq.ft, which was a decrease of 33% from Rs 3,350 per sq.ft in the 2017 revision. The value then increased to Rs 5,000 per sq.ft in 2012, and subsequently rose to Rs 5,500 per sq.ft in the 2023 revision, marking a 49% increase. The latest revision in 2024 has further increased the guideline value to Rs 5,500 per sq.ft, representing a 10% rise from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Velachery

In Velachery, there are a total of 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 5th Street above this median.

• Sarathi Nagar 5th St Extn: Rs 5,500 per sq.ft (2024)
• Sarathi Nagar 6th Street: Rs 5,500 per sq.ft (2024)
• Sarathi Nagar 5th Cross Street: Rs 5,500 per sq.ft (2024)
• Sarathi Nagar 4th Street: Rs 5,500 per sq.ft (2024)
• Sarathi Nagar (Athiyamaan Hospital to Vijaya Nagar Bus Stand): Rs 13,200 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 5th 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, bringing the total to Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sarathi Nagar 5th Street?

The Sub Registrar Office that covers Sarathi Nagar 5th 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 during property registration in Velachery. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers and sellers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

Understanding the guideline value is essential for anyone looking to transact in real estate within the area. It ensures that all parties involved in the transaction are aware of the costs associated with the registration process, making it an important factor in property dealings.

Frequently asked questions

What is the current guideline value of Sarathi Nagar 5th Street?

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

How has the guideline value changed over the years?

Over the years, the guideline value has changed from Rs 5,000 per sq.ft in 2012 to Rs 5,500 per sq.ft in 2024. The most significant increase was from Rs 3,350 per sq.ft in 2017 to Rs 5,000 per sq.ft in 2023.

What is the stamp duty for a property in Sarathi Nagar 5th Street?

The stamp duty for a property in Sarathi Nagar 5th Street is calculated at 7% of the guideline value or sale price, whichever is higher. For example, a property valued at Rs 55,00,000 would incur a stamp duty of Rs 3,85,000.

Which office handles the registration for Sarathi Nagar 5th Street?

The Velacheri Sub Registrar Office handles the registration for Sarathi Nagar 5th Street. It is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Sarathi Nagar 5th Street?

Sarathi Nagar 5th Street is classified as Residential Class I Type - III, indicating its suitability for residential purposes.