Guideline Value for Sathik Basha Sheikh Abdullah Nagar 1 st Cross Street

Sathik Basha Sheikh Abdullah Nagar 1 st Cross Street guideline value

The current guideline value of Sathik Basha Sheikh Abdullah Nagar 1 st Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Sathik Basha Sheikh Abdullah Nagar 1 st Cross Street has changed

The guideline value for Sathik Basha Sheikh Abdullah Nagar 1 st Cross Street has seen several revisions over the years. The 2007 revision set the value at Rs 500 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012, marking a 400% increase. However, the value dropped to Rs 1,675 per sq.ft in 2017, a decrease of 33%. Following this, the value rose to Rs 2,500 per sq.ft in 2023, and then to Rs 2,750 per sq.ft in 2024, reflecting a 10% increase.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 450%.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Sathik Basha Sheikh Abdullah Nagar 1 st Cross Street's 2024 figure is below this median.

• Sathik Baha Sheikh Abdulla Nagar 3 rd Cross Street: Rs 2,750 per sq.ft (2024)
• School 1st Cross Street: Rs 3,300 per sq.ft (2024)
• School 1st Street: Rs 3,300 per sq.ft (2024)
• School 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• School 2nd Street: Rs 3,300 per sq.ft (2024)
• School 3rd Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sathik Basha Sheikh Abdullah Nagar 1 st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that the 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 further calculations.

Which Sub Registrar Office covers Sathik Basha Sheikh Abdullah Nagar 1 st Cross Street?

The Sub Registrar Office that covers Sathik Basha Sheikh Abdullah Nagar 1 st Cross Street is 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 Virugambakkam

The guideline value is a crucial factor in property transactions within Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees.

It is essential for buyers and sellers to be aware of the current guideline value as it directly impacts the costs associated with property registration. Understanding these values can help in making informed decisions during the transaction process.

Frequently asked questions

What is the current guideline value for Sathik Basha Sheikh Abdullah Nagar 1 st Cross Street?

The current guideline value for Sathik Basha Sheikh Abdullah Nagar 1 st Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 500 per sq.ft in 2007 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 450% over this period.

What is the land classification for this area?

The land classification for Sathik Basha Sheikh Abdullah Nagar 1 st Cross Street is Residential Class IV Type - II.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for Sathik Basha Sheikh Abdullah Nagar 1 st Cross Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 at a rate of 7%.