Guideline Value for Sengalvarayan Street

Sengalvarayan Street guideline value

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

How the guideline value of Sengalvarayan Street has changed

In the 2017 revision, the guideline value was Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. With the latest revision in 2024, the guideline value has further increased to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year. Overall, from 2017 to 2024, the guideline value has risen by 64%.

The register has no figures for Sengalvarayan Street for the years 2002, 2003, 2007, and 2012. Therefore, the only available figures are from the revisions in 2017, 2023, and 2024.

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 Sengalvarayan Street's 2024 figure is below this median.

• 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)
• Senthil Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Senthil Nagar Extn: Rs 2,200 per sq.ft (2024)
• Sethupathy Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sengalvarayan Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to 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.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sengalvarayan Street?

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

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

The guideline value plays a crucial role during property registration in Madipakkam-1. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value is used to determine the minimum value on which stamp duty is calculated. This means that the actual sale price cannot be lower than the guideline value for the purpose of registration.

Frequently asked questions

What is the current guideline value of Sengalvarayan Street?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 64% over this period.

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, with Sengalvarayan Street's 2024 figure being below this median.

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, and the registration fee is 2%. For a 1,000 sq.ft plot at Rs 2,200 per sq.ft, the total fees would amount to Rs 1,98,000.

Which Sub Registrar Office handles Sengalvarayan Street?

The Velacheri Sub Registrar Office handles Sengalvarayan Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.