Guideline Value for Seetha Nagar 2nd Street

Seetha Nagar 2nd Street guideline value

The current guideline value of Seetha Nagar 2nd Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls 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 2nd Street has changed

The guideline value for Seetha Nagar 2nd Street has seen several revisions over the years. Starting from Rs 1,166 per sq.ft in 2002, it increased significantly to Rs 2,800 per sq.ft in 2007, marking a 140% rise. In 2012, the value was Rs 6,000 per sq.ft, which was a 114% increase from the previous revision. However, it dropped to Rs 4,020 per sq.ft in 2017, reflecting a decrease of 33%. The value then rose to Rs 6,000 per sq.ft in 2023, and the latest revision in 2024 has set it at Rs 6,600 per sq.ft, which is a 10% increase from the previous year. The register has no figure for this street for the year 2003.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Seetha Nagar 2nd Street's 2024 figure below that median.

• Seetha Nagar 1st 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, while the registration fee at 2% would be Rs 1,32,000, bringing the total fees together to Rs 5,94,000. It is important to note that the 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 Seetha Nagar 2nd Street?

The Sub Registrar Office that covers Seetha Nagar 2nd 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 a crucial factor in the registration process for properties in Nungambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling a property, the guideline value helps in establishing a fair price for transactions, as it reflects the government's assessment of property values in the area. Buyers and sellers must consider this value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

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

The current guideline value of Seetha Nagar 2nd 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 1,166 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 466% over the years.

What is the median guideline value in Nungambakkam?

The median guideline value for streets in Nungambakkam under the Chennai Central Joint II SRO is Rs 8,800 per sq.ft.

What are the stamp duty and registration fees for properties in Seetha Nagar 2nd Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 66,00,000, with stamp duty at Rs 4,62,000 and registration fee at Rs 1,32,000, totaling Rs 5,94,000.

Which office handles the registration for Seetha Nagar 2nd Street?

The Chennai Central Joint II Sub Registrar Office handles the registration for Seetha Nagar 2nd Street, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.