Guideline Value for Sarathi Nagar Extension 1st Street

Sarathi Nagar Extension 1st Street guideline value

The current guideline value of Sarathi Nagar Extension 1st 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, classified as Residential Class I Type - III.

How the guideline value of Sarathi Nagar Extension 1st Street has changed

The guideline value for Sarathi Nagar Extension 1st Street has seen several revisions over the years. The earliest recorded revision available is from 2012, which set the value at Rs 5,000 per sq.ft. This was followed by a decrease to Rs 3,350 per sq.ft in 2017. The value then increased to Rs 5,000 per sq.ft in 2023, and finally to Rs 5,500 per sq.ft in the current 2024 revision. Notably, there are no figures available for the revisions in 2002, 2003, and 2007.

Between the revisions, there have been significant changes. From 2012 to 2017, the value decreased by 33%. However, from 2017 to 2023, it increased by 49%. The most recent change from 2023 to 2024 reflects a 10% increase in the guideline value, leading to an overall increase of 10% from 2012 to 2024.

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 across these streets is Rs 4,400 per sq.ft, placing Sarathi Nagar Extension 1st Street's 2024 figure above the median.

• Sarathi Nagar East Side (Bus Terminus to SBI Bank): Rs 5,500 per sq.ft (2024)
• Sarathi Nagar Extension 2nd 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 Extension 3rd Street: Rs 5,500 per sq.ft (2024)
• Sarathi Nagar Extension 4th Street: Rs 5,500 per sq.ft (2024)
• Sarathi Nagar 6th Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Sarathi Nagar Extension 1st 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 charges to Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sarathi Nagar Extension 1st Street?

The Sub Registrar Office that covers Sarathi Nagar Extension 1st 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 property transactions in Velachery. It is used to determine the minimum value at which a property can be registered. When a buyer purchases a property, the registration fee and stamp duty are calculated based on the guideline value or the sale price, whichever is higher.

This ensures that the government receives appropriate revenue from property transactions. Buyers and sellers should be aware of the guideline value as it directly impacts the costs associated with property registration.

Frequently asked questions

What is the current guideline value of Sarathi Nagar Extension 1st Street?

The current guideline value of Sarathi Nagar Extension 1st 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, then to Rs 5,000 per sq.ft in 2023, and finally to Rs 5,500 per sq.ft in 2024.

What is the land classification for Sarathi Nagar Extension 1st Street?

Sarathi Nagar Extension 1st Street is classified as Residential Class I Type - III.

Where can I find the registration office for Sarathi Nagar Extension 1st Street?

The registration office for Sarathi Nagar Extension 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in Sarathi Nagar Extension 1st Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, on a 1,000 sq.ft plot at the current guideline value, the total guideline value amounts to Rs 55,00,000, leading to a stamp duty of Rs 3,85,000.