Guideline Value for Seethapathi Street

Seethapathi Street guideline value

The current guideline value of Seethapathi Street in Madhavaram village, under the Madhavaram SRO, is Rs 1,600 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Seethapathi Street has changed

The guideline value for Seethapathi Street has undergone several revisions over the years. The earliest recorded revision is from 2012, where the value was Rs 1,200 per sq.ft. This increased to Rs 1,005 per sq.ft in 2017, marking a decrease of 16%. However, from 2017 to the 2024 revision, the value saw a significant increase of 59%, bringing it to the current rate of Rs 1,600 per sq.ft.

There are no recorded figures for the years 2002, 2003, 2007, and 2023 in the register for Seethapathi Street. Overall, comparing the 2012 and 2024 revisions, there has been a net increase of 33% in the guideline value.

Guideline values in Madhavaram

In Madhavaram, there are a total of 1,946 streets under the Madhavaram SRO that have a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, which aligns with the current value of Seethapathi Street.

• Seethapathi 1st Street (Sri Guru Ragavendra Nagar): Rs 1,600 per sq.ft (2024)
• Seethapathy Cross st (Ward No.11): Rs 1,600 per sq.ft (2024)
• Seethapathy St, Main Road (Ward No.11): Rs 1,600 per sq.ft (2024)
• Seethapathy St (Ward-11): Rs 1,600 per sq.ft (2024)
• Seeyalam Naicker Street (Periya Sekkadu): Rs 1,600 per sq.ft (2024)
• Seeyala Nayakkan Street: Rs 1,600 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 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, making the total fees together Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Seethapathi Street?

The Sub Registrar Office that covers Seethapathi Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the property transfer process.

When a property is bought or sold, the guideline value helps ensure that the transaction is recorded at a fair value, which is essential for both the buyer and the seller. It is important to be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Seethapathi Street?

The current guideline value of Seethapathi Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, and then increased to Rs 1,600 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2007, and 2023.

What is the land classification for Seethapathi Street?

Seethapathi Street is classified as Residential Class II Type - I according to the land classification standards.

Where can I find the Sub Registrar Office for Seethapathi Street?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles all registrations for properties in Seethapathi Street.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000, leading to specific fees based on that amount.