Guideline Value for Sathik Basha Nagar

Sathik Basha Nagar guideline value

The current guideline value of Sathik Basha Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is located in Parangimalai village, under the Chennai South Joint II SRO, and is classified as Residential Class II Type - I.

How the guideline value of Sathik Basha Nagar has changed

The guideline value for Sathik Basha Nagar has seen several revisions over the years. In 2002, the value was Rs 386 per sq.ft, which increased to Rs 482 per sq.ft in 2003, marking a 25% rise. The value then rose significantly to Rs 800 per sq.ft in 2007, reflecting a 66% increase. Following that, in 2012, the value was revised to Rs 3,500 per sq.ft, which was a notable increase of 338%. However, in 2017, it dropped to Rs 2,345 per sq.ft, representing a decrease of 33%. The value then increased to Rs 3,500 per sq.ft in 2023, before reaching the current rate of Rs 3,850 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 897%. There are no figures available for the years not listed in the register for this street.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value is Rs 3,850 per sq.ft, which is equal to the current guideline value of Sathik Basha Nagar.

• Sanniyasi Subedhar Street: Rs 3,850 per sq.ft (2024)
• Sembada Street: Rs 3,850 per sq.ft (2024)
• Salai Vinayagar Koil Street (G.S.T.Road): Rs 5,500 per sq.ft (2024)
• Seven Wells 1st Street: Rs 3,300 per sq.ft (2024)
• Seven Wells 2nd Street: Rs 3,300 per sq.ft (2024)
• Seven Wells Poonthottam Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sathik Basha Nagar

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, bringing the total fees together to Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Sathik Basha Nagar?

The Sub Registrar Office that covers Sathik Basha Nagar is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Parangimalai. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the transaction is registered at a value that reflects the current market conditions as per the established guidelines.

Frequently asked questions

What is the current guideline value of Sathik Basha Nagar?

The current guideline value of Sathik Basha Nagar 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 386 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 897% over the years.

What is the stamp duty rate for properties in Sathik Basha Nagar?

The stamp duty rate for properties in Sathik Basha Nagar is 7% of the guideline value or the sale price, whichever is higher.

What are the registration fees for properties in Sathik Basha Nagar?

The registration fee for properties in Sathik Basha Nagar is 2% of the guideline value or the sale price, whichever is higher.

Which office handles property registrations in Sathik Basha Nagar?

The Chennai South Joint II Sub Registrar Office handles property registrations in Sathik Basha Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.