Guideline Value for Seethapathi Street

Seethapathi Street guideline value

The current guideline value of Seethapathi Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Seethapathi Street has changed

In the 2012 revision, the guideline value was Rs 2,500 per sq.ft. This figure remained unchanged in the 2017 revision, where it dropped to Rs 1,675 per sq.ft, reflecting a decrease of 33%. However, the value increased significantly in the 2023 revision to Rs 2,500 per sq.ft, followed by a further rise to Rs 2,750 per sq.ft in the 2024 revision, marking a 10% increase.

From 2017 to 2023, there was a notable increase of 49%. Overall, comparing the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Chitlapakkam

Chitlapakkam village has a total of 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing Seethapathi Street's 2024 figure above this median.

• Seetha pathy Nagar Extn.: Rs 1,320 per sq.ft (2024)
• Seetharaman Street: Rs 1,320 per sq.ft (2024)
• Seenivasan Nagar: Rs 2,750 per sq.ft (2024)
• Seenivasa Avenue: Rs 2,750 per sq.ft (2024)
• Sedunaranayanan Street: Rs 2,750 per sq.ft (2024)
• Sekar Avenue: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Seethapathi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty, charged at 7%, would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost to Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Seethapathi Street?

The Sub Registrar Office that covers Seethapathi Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Chitlapakkam, as it determines the minimum value for transactions. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for legal documentation.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with local regulations. This value is periodically revised, reflecting changes in the real estate market and local development.

Frequently asked questions

What is the current guideline value of Seethapathi Street?

The current guideline value of Seethapathi Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most recent increase from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024. Overall, from 2012 to 2024, the increase is 10%.

What is the land classification for Seethapathi Street?

Seethapathi Street is classified as Residential Class I Type - II, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, a 1,000 sq.ft plot at the current guideline value incurs a total fee of Rs 2,47,500.

Which office handles registrations for Seethapathi Street?

The Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, handles registrations for Seethapathi Street.