Guideline Value for Seethapathy Street

Seethapathy Street guideline value

The current guideline value of Seethapathy Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of Seethapathy Street has changed

The guideline value for Seethapathy Street has undergone several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft, which increased to Rs 2,000 per sq.ft in the 2023 revision. The most recent revision in 2024 raised the value to Rs 2,200 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 64%.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for Seethapathy Street. The increase from 2017 to 2023 was significant at 49%, reflecting a substantial change in the property valuation over these years.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that have a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, indicating that Seethapathy Street's 2024 figure is below this median.

• Seethapathy Nagar: Rs 2,200 per sq.ft (2024)
• Seenivasan Nagar/Padmavathi Nagar: Rs 3,850 per sq.ft (2024)
• Sengalvarayan Street: Rs 2,200 per sq.ft (2024)
• Senkeniamman Koil Cross Street: Rs 2,750 per sq.ft (2024)
• Senkeniamman Koil Street: Rs 2,750 per sq.ft (2024)
• Senthil Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Seethapathy Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, the total fees would be Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Seethapathy Street?

The Sub Registrar Office that covers Seethapathy Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor when buying or selling property in Madipakkam-1, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees that are payable during the property transaction.

When engaging in a property transaction, it is essential to be aware of the guideline value as it impacts the overall cost involved in the registration process. Buyers and sellers should ensure they are informed about the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value for Seethapathy Street?

The current guideline value for Seethapathy Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 64% over these years.

What is the stamp duty rate for property in Seethapathy Street?

The stamp duty rate for property in Seethapathy Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Seethapathy Street located?

The Sub Registrar Office for Seethapathy Street is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the median guideline value for streets in Madipakkam-1?

The median guideline value for streets in Madipakkam-1 is Rs 2,750 per sq.ft, which is higher than the current value of Seethapathy Street.