Guideline Value for Sarathy Nagar Extension

Sarathy Nagar Extension guideline value

The current guideline value of Sarathy Nagar Extension, located in Madhavaram village under the Madhavaram SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of Sarathy Nagar Extension has changed

The guideline value for Sarathy Nagar Extension has undergone several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in the 2023 revision. The latest revision in 2024 has further increased the guideline value to Rs 2,200 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, there has been a substantial increase of 64% in the guideline value.

It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. The changes from 2017 to 2023 reflect a notable increase of 49%, demonstrating a significant adjustment in the guideline value over the years.

Guideline values in Madhavaram

In Madhavaram village, there are 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, with a median value of Rs 1,600 per sq.ft. Sarathy Nagar Extension's 2024 guideline value of Rs 2,200 per sq.ft is above this median.

• Sarathy Nagar 4th Street, Lakshmipuram (Ward-26): Rs 2,200 per sq.ft (2024)
• Sarathy Nagar, Lakshmipuram (Ward-26): Rs 2,200 per sq.ft (2024)
• Sarathy Nagar 3rd St, Lakshmipuram (Ward-26): Rs 2,200 per sq.ft (2024)
• Sarathy Nagar 2nd St., Lakshmipuram (Ward-26): Rs 2,200 per sq.ft (2024)
• Sarathy Nagar 1st Street (Ward 26): Rs 2,200 per sq.ft (2024)
• Sarathi Nagar (Raja Avenue): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sarathy Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty is charged at 7%, totaling Rs 1,54,000, while the registration fee at 2% amounts to Rs 44,000. Together, the total cost for stamp duty and registration fee is Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sarathy Nagar Extension?

The Sarathy Nagar Extension falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Madhavaram. It serves as a reference point for determining the stamp duty and registration fees applicable during the registration process. Buyers and sellers must consider the guideline value to ensure compliance with legal and financial requirements.

When a property is registered, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with property transactions. This ensures that the transaction is documented correctly and that the government receives the appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value of Sarathy Nagar Extension?

The current guideline value of Sarathy Nagar Extension 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 increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 64% over this period.

What is the land classification for Sarathy Nagar Extension?

Sarathy Nagar Extension is classified as Residential Class I Type - I, indicating its designation for residential use.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in Sarathy Nagar Extension is charged at 7% of the guideline value or the sale price, whichever is higher.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060, and it is responsible for property registrations in Sarathy Nagar Extension.