Guideline Value for Sarathi Street

Sarathi Street guideline value

The current guideline value of Sarathi Street in Nemilicherry village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram Sub Registrar Office (SRO) and is classified as Residential Class I Type - III.

How the guideline value of Sarathi Street has changed

The guideline value for Sarathi Street has seen several revisions over the years. In the 2007 revision, the value was Rs 400 per sq.ft, which increased significantly to Rs 2,200 per sq.ft in the 2012 revision. However, in the 2017 revision, the value dropped to Rs 1,474 per sq.ft, before rising again to Rs 2,000 per sq.ft in the 2023 revision. The most recent revision in 2024 sees the value at Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 450%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,100 to Rs 3,300 per sq.ft as of 2024. The median guideline value for these streets is Rs 2,160 per sq.ft, placing Sarathi Street's 2024 figure above this median.

• Sarathi 1 To 3 Streets: Rs 2,160 per sq.ft (2024)
• Saraswathi Street: Rs 2,160 per sq.ft (2024)
• Sankar Street: Rs 2,200 per sq.ft (2024)
• Sambandam Street: Rs 2,420 per sq.ft (2024)
• Senthil Nagar: Rs 2,750 per sq.ft (2024)
• Royapettai Odai 3rd Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sarathi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that the 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 Street?

Sarathi Street is covered by the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration of property transactions in Nemilicherry. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in the buying and selling process.

When a property is bought or sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial obligations involved in the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Sarathi Street?

The current guideline value of Sarathi Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2012, then decreased to Rs 1,474 per sq.ft in 2017, increased to Rs 2,000 per sq.ft in 2023, and finally reached Rs 2,200 per sq.ft in 2024.

What is the land classification for Sarathi Street?

Sarathi Street is classified as Residential Class I Type - III, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Sarathi Street?

The Sub Registrar Office covering Sarathi Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is the stamp duty calculated for properties in Sarathi Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000.