Guideline Value for Sathanipettai 1st Street

Sathanipettai 1st Street guideline value

The current guideline value of Sathanipettai 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Sathanipettai 1st Street has changed

Over the years, the guideline value of Sathanipettai 1st Street has seen several revisions. The 2012 revision set the value at Rs 3,500 per sq.ft, which was a decrease of 33% from the previous revision in 2017, where the value was Rs 2,345 per sq.ft. The 2023 revision increased the value to Rs 3,500 per sq.ft, and the most recent 2024 revision has further increased it to Rs 3,850 per sq.ft, marking a 10% rise from the previous year.

From 2017 to 2023, the value increased by 49%. Overall, from the 2012 revision to the 2024 revision, there has been a 10% increase. The register does not have figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, indicating that Sathanipettai 1st Street's 2024 figure is below this median.

• Sathanipet 2nd Street Extn.: Rs 3,850 per sq.ft (2024)
• Sathanipettai 2nd Street: Rs 3,850 per sq.ft (2024)
• Sathani Lane: Rs 3,850 per sq.ft (2024)
• Sathanipettai Street: Rs 3,850 per sq.ft (2024)
• Sasthri Road / Street, Annai Indira Nagar: Rs 4,400 per sq.ft (2024)
• Sasthri Road / Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Sathanipettai 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, making the total cost for these fees Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Sathanipettai 1st Street?

The Sub Registrar Office that covers Sathanipettai 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value plays a crucial role in the property registration process in Velachery. When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements during the registration process. This value is regularly updated to reflect changes in the real estate market and land classification.

Frequently asked questions

What is the current guideline value of Sathanipettai 1st Street?

The current guideline value of Sathanipettai 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, reflecting a 10% increase. It was Rs 2,345 per sq.ft in 2017, which increased to Rs 3,500 per sq.ft in 2023, marking a 49% rise.

What is the land classification of Sathanipettai 1st Street?

Sathanipettai 1st Street is classified as Residential Class II Type - III.

Where can I find the SRO for Sathanipettai 1st Street?

The Sub Registrar Office for Sathanipettai 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in Sathanipettai 1st Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 2,69,500.