Guideline Value for Seenivasa Nagar 1st Cross Street

Seenivasa Nagar 1st Cross Street guideline value

The current guideline value of Seenivasa Nagar 1st Cross 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 Cross Street has changed

The guideline value for Seenivasa Nagar 1st Cross Street has undergone several revisions over the years. In 2002, the guideline value was Rs 175 per sq.ft, which increased to Rs 192 per sq.ft in 2003. Following this, there was a significant rise to Rs 400 per sq.ft in 2007, and then a remarkable jump to Rs 3,000 per sq.ft in 2012. However, the value decreased to Rs 2,010 per sq.ft in 2017. The value then saw a substantial increase to Rs 3,000 per sq.ft in 2023, culminating in the current value of Rs 3,300 per sq.ft for 2024.

Between these revisions, the changes were notable. From 2002 to 2003, the increase was +10%. The value rose by +108% from 2003 to 2007, followed by a +650% increase from 2007 to 2012. The value then decreased by -33% from 2012 to 2017. From 2017 to 2023, the value increased by +49%, and finally, there was a +10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by +1786%.

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. The median value for these streets is Rs 3,050 per sq.ft, placing Seenivasa Nagar 1st Cross Street above this median.

• Seenivasa Nagar 1st 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)
• Seemathamman Koil Street: Rs 2,200 per sq.ft (2024)
• Seenivasa Nagar 3rd Street: Rs 3,300 per sq.ft (2024)

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

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

Which Sub Registrar Office covers Seenivasa Nagar 1st Cross Street?

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

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

The guideline value is an essential factor in the property registration process in Maduravoyal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property transactions.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for legal ownership transfer. This ensures that all parties are aware of the costs involved in the transaction.

Frequently asked questions

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

The current guideline value of Seenivasa Nagar 1st Cross 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 from Rs 175 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, showing a significant overall increase of +1786% over the years.

What is the land classification for Seenivasa Nagar 1st Cross Street?

Seenivasa Nagar 1st Cross Street is classified as Residential Class II Type - I.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For a property valued at Rs 33,00,000, the total fees would be Rs 2,97,000.

Where is the Sub Registrar Office for Seenivasa Nagar 1st Cross Street located?

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