Guideline Value for Seenivasa Nagar 2nd Street

Seenivasa Nagar 2nd Street guideline value

The current guideline value of Seenivasa Nagar 2nd 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 it falls under the Residential Class II Type - I land classification.

How the guideline value of Seenivasa Nagar 2nd Street has changed

The guideline value for Seenivasa Nagar 2nd Street has undergone several revisions over the years. In 2002, the value was Rs 175 per sq.ft, which increased to Rs 192 per sq.ft in 2003, marking a 10% rise. The value saw a significant jump to Rs 400 per sq.ft in 2007, an increase of 108%. Following this, the value rose dramatically to Rs 3,000 per sq.ft in 2012, reflecting a 650% increase. However, it then decreased to Rs 2,010 per sq.ft in 2017, a decline of 33%.

From 2017 to 2023, the guideline value increased to Rs 3,000 per sq.ft, which is a 49% rise. The most recent revision in 2024 set the value at Rs 3,300 per sq.ft, representing a 10% increase from the previous year. There are no figures available for any other years for this street in the register.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median guideline value is Rs 3,050 per sq.ft, and Seenivasa Nagar 2nd Street's 2024 figure is above this median.

• Seenivasa Nagar 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Seenivasa Nagar 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• Seenivasa Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Seenivasa Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Seenivasa Nagar 1st Cross 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 2nd 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 at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Seenivasa Nagar 2nd Street?

The Sub Registrar Office that covers Seenivasa Nagar 2nd 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 Maduravoyal

The guideline value is a crucial determinant in the registration process when buying or selling property in Maduravoyal. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the government.

When a property is registered, the guideline value is used to assess the applicable taxes and fees. Buyers should be aware that the duty is charged on the higher of the guideline value and the sale price, which can affect the total cost involved in the transaction.

Frequently asked questions

What is the current guideline value of Seenivasa Nagar 2nd Street?

The current guideline value of Seenivasa Nagar 2nd 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 changed 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 the years.

What is the registration office for Seenivasa Nagar 2nd Street?

The registration office for Seenivasa Nagar 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in Seenivasa Nagar 2nd Street?

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

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

Other streets in Maduravoyal, such as Seenivasa Nagar 2nd Cross Street, Seenivasa Nagar 3rd Cross Street, Seenivasa Nagar 1st Street, Seenivasa Nagar 3rd Street, Seenivasa Nagar 1st Cross Street, and Seenivasa Nagar 4th Street, all have a guideline value of Rs 3,300 per sq.ft for 2024.