Guideline Value for Sastri Nagar

Sastri Nagar guideline value

The current guideline value of Sastri Nagar, located in Vepery village under the Periamet SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Sastri Nagar has changed

The guideline value for Sastri Nagar has seen several revisions over the years. The 2007 revision set the value at Rs 600 per sq.ft, which significantly increased to Rs 4,000 per sq.ft in 2012. However, it then decreased to Rs 2,680 per sq.ft in 2017. The value rose again to Rs 4,000 per sq.ft in 2023, and the most recent revision in 2024 has it at Rs 4,400 per sq.ft.

Looking at the changes, there was a remarkable increase of 567% from 2007 to 2012, followed by a decrease of 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 633%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft, with a median value of Rs 4,800 per sq.ft. The guideline value of Sastri Nagar is below this median.

• Sathyavani Muthu nagar: Rs 2,700 per sq.ft (2024)
• Sattanna naicken street: Rs 4,800 per sq.ft (2024)
• Santhur Street: Rs 2,700 per sq.ft (2024)
• Sami pillai street: Rs 7,000 per sq.ft (2024)
• Saminathan Kiramani lane: Rs 4,800 per sq.ft (2024)
• Sami nathan Gramani Street: Rs 4,800 per sq.ft (2024)

Stamp duty and registration fee for property in Sastri Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. 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 details.

Which Sub Registrar Office covers Sastri Nagar?

The Sub Registrar Office that covers Sastri Nagar is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

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

During registration, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that all property transactions are fairly assessed and that the government receives the necessary funds from these transactions.

Frequently asked questions

What is the current guideline value of Sastri Nagar?

The current guideline value of Sastri Nagar is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 600 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, with various increases and decreases across the years.

What is the land classification of Sastri Nagar?

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

Where can I find the Sub Registrar Office for Sastri Nagar?

The Sub Registrar Office for Sastri Nagar is located at 1103, Poonamallee High Road, Chennai-600 003, under the Periamet SRO.

How is stamp duty calculated for properties in Sastri Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 44,00,000 would incur a stamp duty of Rs 3,08,000 at a rate of 7%.