Guideline Value for Selvi Street / Dr. Seethapathy Nagar

Selvi Street / Dr. Seethapathy Nagar guideline value

The current guideline value of Selvi Street / Dr. Seethapathy Nagar is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is located in Velachery village and falls under the Velacheri SRO. The land classification for this street is Residential Class II Type - II.

How the guideline value of Selvi Street / Dr. Seethapathy Nagar has changed

The guideline value for Selvi Street / Dr. Seethapathy Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 4,000 per sq.ft, which then decreased to Rs 2,680 per sq.ft in 2017. Following this, the 2023 revision increased the value to Rs 4,000 per sq.ft, and the most recent 2024 revision has raised it to Rs 4,400 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

From the 2017 to 2023 revision, there was a significant increase of 49%. The change from 2023 to 2024 reflects a 10% increase. Overall, comparing the 2012 and 2024 revisions, there has been a 10% increase in the guideline value.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which is the same as the current value for Selvi Street / Dr. Seethapathy Nagar.

• Selvi Street: Rs 4,400 per sq.ft (2024)
• Senkazhani Amman Koil 1st Street: Rs 4,400 per sq.ft (2024)
• Senkazhani Amman Koil Street: Rs 4,400 per sq.ft (2024)
• Seetharam Nagar (Dr) Main Salai: Rs 5,500 per sq.ft (2024)
• Seetharam Nagar (Dr) Extn 1st Cross Street: Rs 5,500 per sq.ft (2024)
• Seetharam Nagar (Dr) (Entrance from Velachery Main Road towards East): Rs 13,200 per sq.ft (2024)

Stamp duty and registration fee for property in Selvi Street / Dr. Seethapathy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. 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 details.

Which Sub Registrar Office covers Selvi Street / Dr. Seethapathy Nagar?

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

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

The guideline value plays a crucial role during property registration in Velachery. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. This ensures that the transaction is recorded accurately in the official register.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This means that understanding the guideline value is essential for both buyers and sellers to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Selvi Street / Dr. Seethapathy Nagar?

The current guideline value of Selvi Street / Dr. Seethapathy Nagar is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2023 to Rs 4,400 per sq.ft in 2024, reflecting a 10% increase. It was Rs 2,680 per sq.ft in 2017 and Rs 4,000 per sq.ft in 2012, showing a significant increase of 49% from 2017 to 2023.

What is the land classification for Selvi Street / Dr. Seethapathy Nagar?

The land classification for Selvi Street / Dr. Seethapathy Nagar is Residential Class II Type - II. This classification is important for understanding the types of developments permitted in the area.

Where can I find the Sub Registrar Office for this area?

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

How is the stamp duty calculated for properties in Selvi Street?

Stamp duty for properties in Selvi Street is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total guideline value would be Rs 44,00,000, leading to a stamp duty of Rs 3,08,000.