Guideline Value for Seva Nagar 2nd Street

Seva Nagar 2nd Street guideline value

The current guideline value of Seva Nagar 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Seva Nagar 2nd Street has changed

Over the years, the guideline value of Seva Nagar 2nd Street has seen significant changes. The earliest recorded revision in 2002 set the guideline value at Rs 343 per sq.ft. This figure increased to Rs 385 per sq.ft in 2003, marking a change of +12%. The value continued to rise dramatically, reaching Rs 2,500 per sq.ft in 2007, which was a substantial increase of +549%. In 2012, the guideline value remained at Rs 4,000 per sq.ft, and there was no change in the 2023 revision, which also recorded Rs 4,000 per sq.ft. The latest revision in 2024 saw the value increase to Rs 4,400 per sq.ft, reflecting a change of +10% from the previous year.

It is important to note that there is no figure available for the year 2017 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by +1183%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, which is equal to the 2024 figure for Seva Nagar 2nd Street.

• Seva Nagar 1st Street: Rs 4,400 per sq.ft (2024)
• Seva Nagar 3rd Street: Rs 4,400 per sq.ft (2024)
• Seva Nagar: Rs 4,400 per sq.ft (2024)
• Seva Nagar 4th Street: Rs 4,400 per sq.ft (2024)
• Seva Nagar 5th Street: Rs 4,400 per sq.ft (2024)
• Sethupathy Raja Avenue: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Seva Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to 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 and the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Seva Nagar 2nd Street?

The Sub Registrar Office that covers Seva Nagar 2nd 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 Velachery

The guideline value is a crucial factor when registering property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps both parties understand the official value of the property. It is essential to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Seva Nagar 2nd Street?

The current guideline value of Seva Nagar 2nd Street 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 significantly from Rs 343 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of +1183%.

What are the stamp duty and registration fees for property in Seva Nagar 2nd Street?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which Sub Registrar Office is responsible for Seva Nagar 2nd Street?

The Velacheri Sub Registrar Office is responsible for Seva Nagar 2nd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the significance of the guideline value when buying property?

The guideline value is used to determine the minimum value for property registration, ensuring that the correct stamp duty and registration fees are collected based on this value.