Guideline Value for Seenivasa Nagar 1st Street

Seenivasa Nagar 1st Street guideline value

The current guideline value of Seenivasa Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the Virugambakkam SRO, and is classified as Residential Class II Type - I.

How the guideline value of Seenivasa Nagar 1st Street has changed

Over the years, the guideline value of Seenivasa Nagar 1st Street has seen significant changes. In 2002, the guideline value was Rs 175 per sq.ft. This figure increased to Rs 192 per sq.ft in 2003, marking a 10% rise. The value continued to climb to Rs 400 per sq.ft in 2007, reflecting a substantial increase of 108%. By 2012, the value reached Rs 3,000 per sq.ft, which was a remarkable 650% increase from the previous revision. However, it then decreased to Rs 2,010 per sq.ft in 2017, representing a decline of 33%.

In 2023, the guideline value was Rs 3,000 per sq.ft, and it increased to Rs 3,300 per sq.ft in 2024, showing a 10% rise. Overall, from 2002 to 2024, the guideline value has increased by 1786%. There are no figures available for the years not listed in the register for this street.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft, with a median value of Rs 3,050 per sq.ft. The guideline value of Seenivasa Nagar 1st Street is above this median.

• Seenivasa Nagar 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Seenivasa Nagar 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Seenivasa Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Seenivasa Nagar 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• Seenivasa Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Seenivasa Nagar 4th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Seenivasa Nagar 1st 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, charged at 7%, would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. The total cost for these fees would be Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Seenivasa Nagar 1st Street?

The Sub Registrar Office that covers Seenivasa Nagar 1st 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 details.

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

The guideline value is a critical factor in the registration process when buying or selling property in Maduravoyal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that transactions reflect a fair value based on the current market conditions.

When registering a property, 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 appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Seenivasa Nagar 1st Street?

The current guideline value of Seenivasa Nagar 1st 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 increased significantly from Rs 175 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 1786% over this period.

What are the other streets in Maduravoyal with the same guideline value?

Other streets in Maduravoyal that share the same guideline value of Rs 3,300 per sq.ft include Seenivasa Nagar 1st Cross Street, Seenivasa Nagar 2nd Cross Street, Seenivasa Nagar 2nd Street, Seenivasa Nagar 3rd Cross Street, and Seenivasa Nagar 3rd Street.

How is stamp duty calculated for properties in Seenivasa Nagar 1st Street?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher. For example, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000.

Where is the Virugambakkam Sub Registrar Office located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.