Guideline Value for Sastha Nagar 2nd Street

Sastha Nagar 2nd Street guideline value

The current guideline value of Sastha Nagar 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Sastha Nagar 2nd Street has changed

Over the years, the guideline value of Sastha Nagar 2nd Street has seen several revisions. The 2007 revision set the value at Rs 400 per sq.ft, which significantly increased to Rs 3,000 per sq.ft in 2012, marking a remarkable rise of 650%. However, from 2012 to 2017, the value decreased to Rs 2,010 per sq.ft, a drop of 33%. The subsequent revisions saw an increase to Rs 3,000 per sq.ft in 2023, followed by the latest revision in 2024, which raised the guideline value to Rs 3,300 per sq.ft, reflecting a 10% increase.

From 2017 to 2023, the guideline value increased by 49%, and overall, from 2007 to 2024, there has been a substantial increase of 725%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with guideline values in 2024 ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, positioning Sastha Nagar 2nd Street's current value below this median.

• Sastha Nagar 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Sastha Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Sastha Nagar 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Saraswathi Ramakrishnan Street: Rs 4,400 per sq.ft (2024)
• S.B.I.Colony First Street: Rs 3,850 per sq.ft (2024)
• S.B.I.Colony Main Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Sastha Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Sastha Nagar 2nd Street?

The Sastha Nagar 2nd Street falls under the jurisdiction of the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Valasaravakkam. It serves as the basis for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, it is essential to be aware of the guideline value, as it can affect the overall cost of the transaction. Buyers should ensure that they are informed about the current guideline value to avoid any unexpected costs during the registration process.

Frequently asked questions

What is the current guideline value of Sastha Nagar 2nd Street?

The current guideline value of Sastha Nagar 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 400 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 725%.

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

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles the registration for Sastha Nagar 2nd Street?

The Virugambakkam Sub Registrar Office handles the registration for Sastha Nagar 2nd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How does the guideline value affect property transactions?

The guideline value affects property transactions by determining the stamp duty and registration fees. Buyers and sellers must be aware of the current guideline value to ensure they are prepared for the associated costs during registration.