Guideline Value for Seethakathi Nagar

Seethakathi Nagar guideline value

The current guideline value of Seethakathi Nagar, located in Kodambakkam village under the Ashok Nagar SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class IV Type - II.

How the guideline value of Seethakathi Nagar has changed

Over the years, the guideline value of Seethakathi Nagar has seen significant changes. The 2007 revision recorded a guideline value of Rs 620 per sq.ft, which increased to Rs 3,000 per sq.ft in 2012. However, there was a decrease to Rs 2,010 per sq.ft in 2017. The 2023 revision brought it back up to Rs 3,000 per sq.ft, and the most recent 2024 revision set it at Rs 3,300 per sq.ft. The register has no figures for the years 2002 and 2003 for this street.

From 2007 to 2024, the overall increase in the guideline value is 432%. Notably, the jump from the 2023 revision to the 2024 revision is 10%, while the increase from 2017 to 2023 was 49%. The changes from 2012 to 2017 reflect a decrease of 33%, and the rise from 2007 to 2012 was substantial at 384%.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft, with a median value of Rs 4,900 per sq.ft. The guideline value of Seethakathi Nagar is below this median.

• Seetha Chetty Street(Bharathi Block): Rs 4,100 per sq.ft (2024)
• Seethalai Sathanar Cross Street: Rs 3,300 per sq.ft (2024)
• Seethalai Sathanar Street: Rs 3,300 per sq.ft (2024)
• Sekizhar 2nd Street: Rs 3,300 per sq.ft (2024)
• Sekizhar 3rd Street: Rs 3,300 per sq.ft (2024)
• Sekizhar Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Seethakathi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value is Rs 33,00,000. The stamp duty at 7% amounts to Rs 2,31,000, and the registration fee at 2% is Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Seethakathi Nagar?

The Sub Registrar Office that covers Seethakathi Nagar is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kodambakkam. It serves as a benchmark for determining the minimum value of a property for registration purposes. When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees that need to be paid.

When registering a property, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the state government receives appropriate revenue from property transactions, and it helps in maintaining transparency in the real estate market.

Frequently asked questions

What is the current guideline value of Seethakathi Nagar?

The current guideline value of Seethakathi Nagar 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 620 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 432% over the years.

What are the stamp duty and registration fees for properties in Seethakathi Nagar?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles property registrations in Seethakathi Nagar?

The Ashok Nagar Sub Registrar Office handles property registrations in Seethakathi Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification of Seethakathi Nagar?

Seethakathi Nagar is classified as Residential Class IV Type - II, indicating its designation for residential purposes.