Guideline Value for Sarathy Nagar 1st Street (Ward 26)

Sarathy Nagar 1st Street (Ward 26) guideline value

The current guideline value of Sarathy Nagar 1st Street (Ward 26) is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village under the Madhavaram SRO and is classified as Residential Class I Type - I.

How the guideline value of Sarathy Nagar 1st Street (Ward 26) has changed

The guideline value for Sarathy Nagar 1st Street has undergone several revisions over the years. In 2012, the guideline value was set at Rs 2,000 per sq.ft. This was followed by a decrease in 2017, where the value dropped to Rs 1,340 per sq.ft. However, the most recent revision in 2024 saw a significant increase to Rs 2,200 per sq.ft, marking a 64% rise from the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by 10%.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2023 for this street in the register.

Guideline values in Madhavaram

In Madhavaram, there are a total of 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this village is Rs 1,600 per sq.ft, placing Sarathy Nagar 1st Street's 2024 figure above that median.

• Sarathy Nagar 2nd St., Lakshmipuram (Ward-26): Rs 2,200 per sq.ft (2024)
• Sarathy Nagar 3rd St, Lakshmipuram (Ward-26): Rs 2,200 per sq.ft (2024)
• Sarathi Nagar (Raja Avenue): Rs 2,200 per sq.ft (2024)
• Sarathy Nagar 4th Street, Lakshmipuram (Ward-26): Rs 2,200 per sq.ft (2024)
• Sarathi Nagar (Maragathammal Avenue): Rs 2,200 per sq.ft (2024)
• Sarathy Nagar Extension: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sarathy Nagar 1st Street (Ward 26)

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. Together, the total cost for these fees would be Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Sarathy Nagar 1st Street (Ward 26)?

The Sarathy Nagar 1st Street (Ward 26) falls under the jurisdiction of the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling a property, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Sarathy Nagar 1st Street (Ward 26)?

The current guideline value of Sarathy Nagar 1st Street (Ward 26) 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 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, and then increased to Rs 2,200 per sq.ft in 2024. This represents a 64% increase from 2017 to 2024 and a 10% increase overall from 2012 to 2024.

What is the land classification of Sarathy Nagar 1st Street?

Sarathy Nagar 1st Street is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000. These fees are calculated based on the higher of the guideline value or the sale price.

Which Sub Registrar Office covers this street?

The Madhavaram Sub Registrar Office covers Sarathy Nagar 1st Street (Ward 26), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.