Guideline Value for Saroj Nagar

Saroj Nagar guideline value

The current guideline value of Saroj Nagar, located in Madipakkam-1 village under the Velacheri SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Saroj Nagar has changed

In the 2017 revision, the guideline value for Saroj Nagar was set at Rs 1,340 per sq.ft. With the 2024 revision, this value increased significantly to Rs 2,200 per sq.ft, marking a change of +64% over the seven-year period. The register has no figures for the years 2023, 2012, 2007, 2003, and 2002 for this street.

From 2017 to 2024, the increase in guideline value reflects the changes in the real estate landscape of the area. The current value of Rs 2,200 per sq.ft is an important indicator for property transactions in Saroj Nagar.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO carrying a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value for Saroj Nagar is below this median.

• Sarma layout Main Road: Rs 1,650 per sq.ft (2024)
• Sarathy Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Sarathy Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Sarathy Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Sarathy Nagar: Rs 2,200 per sq.ft (2024)
• Saraswathi Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Saroj Nagar

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 at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to 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 on fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Saroj Nagar?

The Saroj Nagar area is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For further assistance, you can find your SRO.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a critical factor in the registration process of property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that transactions are conducted transparently and fairly.

When buyers and sellers engage in property transactions, the guideline value helps in calculating the applicable stamp duty and registration fees, which are essential for the legal transfer of property ownership. This ensures that both parties are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Saroj Nagar?

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

How much has the guideline value changed since 2017?

Since the 2017 revision, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft, which is a change of +64%.

Are there any revisions without figures for Saroj Nagar?

Yes, the register has no figures for Saroj Nagar for the years 2023, 2012, 2007, 2003, and 2002.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft, while Saroj Nagar's current value is below this median.

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.