Guideline Value for Seva Nagar 3rd Street

Seva Nagar 3rd Street guideline value

The current guideline value of Seva Nagar 3rd 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 3rd Street has changed

The guideline value for Seva Nagar 3rd Street has seen significant changes over the years. The earliest recorded figure is from 2002, when the value was Rs 343 per sq.ft. This increased to Rs 385 per sq.ft in 2003, marking a 12% rise. The value then surged dramatically to Rs 1,800 per sq.ft in 2007, representing a 368% increase. Following this, the value rose to Rs 4,000 per sq.ft in 2023, which was a 122% increase from the previous figure. Currently, as of the 2024 revision, the guideline value stands at Rs 4,400 per sq.ft, reflecting a 10% increase from 2023.

It is noteworthy that there are no figures available for the years 2012 and 2017 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 1183%, showcasing a substantial rise over the years.

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 value is Rs 4,400 per sq.ft, which is exactly the same as the guideline value for Seva Nagar 3rd Street.

• Seva Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Seva Nagar 4th Street: Rs 4,400 per sq.ft (2024)
• Seva Nagar 1st Street: Rs 4,400 per sq.ft (2024)
• Seva Nagar 5th Street: Rs 4,400 per sq.ft (2024)
• Seva Nagar: 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 3rd 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, while the registration fee at 2% would be Rs 88,000. Together, the total cost for these fees would be Rs 3,96,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Seva Nagar 3rd Street?

The Sub Registrar Office that covers Seva Nagar 3rd 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 Velachery

The guideline value is a critical factor during the registration of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is conducted at a fair value as per government regulations.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Seva Nagar 3rd Street?

The current guideline value of Seva Nagar 3rd 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 from Rs 343 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 1183% over the years.

What are the stamp duty and registration fees for property in Seva Nagar 3rd 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 covers Seva Nagar 3rd Street?

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

What is the median guideline value in Velachery?

The median guideline value in Velachery is Rs 4,400 per sq.ft, which is the same as the guideline value for Seva Nagar 3rd Street.