Guideline Value for Seetha Nagar 1st Street

Seetha Nagar 1st Street guideline value

The current guideline value of Seetha Nagar 1st Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village, under the Chennai Central Joint II SRO. The land classification for this area is Residential Class III Type - I.

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

The guideline value for Seetha Nagar 1st Street has seen several revisions over the years. In 2007, the value was Rs 2,800 per sq.ft, which increased to Rs 6,000 per sq.ft in 2012, marking a significant rise of 114%. However, the value decreased to Rs 4,020 per sq.ft in 2017, a drop of 33%. The 2023 revision set the value at Rs 6,000 per sq.ft, which then increased to Rs 6,600 per sq.ft in 2024, reflecting a 10% rise.

From 2017 to 2023, there was a notable increase of 49%. Overall, from the 2007 revision to the current 2024 value, there has been an increase of 136%. It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft, with a median value of Rs 8,800 per sq.ft. The guideline value for Seetha Nagar 1st Street is below this median.

• Seetha Nagar 2nd Street: Rs 6,600 per sq.ft (2024)
• Seetha Nagar 3rd Street: Rs 6,600 per sq.ft (2024)
• Seetha Nagar 4th Street: Rs 6,600 per sq.ft (2024)
• Seetha Nagar Main Road: Rs 8,800 per sq.ft (2024)
• Selvam Nagar: Rs 7,700 per sq.ft (2024)
• School Road: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Seetha Nagar 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 6,600 per sq.ft, the guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, totaling Rs 5,94,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Seetha Nagar 1st Street?

The Sub Registrar Office that covers Seetha Nagar 1st Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Nungambakkam. It serves as a benchmark for determining the minimum sale price for properties in the area, ensuring that the transaction is recorded at a fair value.

When registering a property, buyers 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 region.

Frequently asked questions

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

The current guideline value of Seetha Nagar 1st Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 136% over the years.

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

Other streets in Nungambakkam with the same guideline value of Rs 6,600 per sq.ft in 2024 include Seetha Nagar 2nd Street, Seetha Nagar 3rd Street, and Seetha Nagar 4th Street.

What is the registration fee for property in Seetha Nagar 1st Street?

The registration fee for property in Seetha Nagar 1st Street is 2% of the guideline value. For a 1,000 sq.ft plot at the current rate, the registration fee would be Rs 1,32,000.

Where can I find the Sub Registrar Office for Seetha Nagar 1st Street?

The Sub Registrar Office for Seetha Nagar 1st Street is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street Alwarpet, Chennai -600018.