Guideline Value for Seva Nagar

Seva Nagar guideline value

The current guideline value of Seva Nagar, located in Velachery village under the Velacheri SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - II land classification.

How the guideline value of Seva Nagar has changed

The guideline value for Seva Nagar has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 343 per sq.ft. In 2003, it increased to Rs 385 per sq.ft, marking a rise of 12%. The 2007 revision saw a significant jump to Rs 1,800 per sq.ft, which is an increase of 368%. By 2012, the value remained at Rs 4,000 per sq.ft, and this figure was unchanged until the 2023 revision. In 2023, the guideline value was again set at Rs 4,000 per sq.ft, with the latest revision in 2024 raising it to Rs 4,400 per sq.ft, a 10% increase.

Notably, there is no figure available for the 2017 revision 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, with the median being Rs 4,400 per sq.ft. The guideline value for Seva Nagar aligns with this median.

• Seva Nagar 1st Street: Rs 4,400 per sq.ft (2024)
• Seva Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Seva Nagar 3rd Street: 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

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 or the sale price.

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

Which Sub Registrar Office covers Seva Nagar?

Seva Nagar falls under the jurisdiction of the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process of property transactions in Velachery. It is used to determine the stamp duty and registration fees that need to be paid during the sale or purchase of a property.

When a property is registered, the higher of the guideline value or the sale price is considered for calculating these fees. This ensures that the registration reflects the true value of the property being transacted.

Frequently asked questions

What is the current guideline value of Seva Nagar?

The current guideline value of Seva 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 increased from Rs 343 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 1183%.

What is the registration fee for property in Seva Nagar?

The registration fee is calculated based on the guideline value or the sale price, whichever is higher. For a property valued at Rs 44,00,000, the registration fee would be Rs 88,000 at a rate of 2%.

Which office handles property registrations in Seva Nagar?

The Velacheri Sub Registrar Office handles property registrations in Seva Nagar, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

Are there other streets with the same guideline value in Velachery?

Yes, several other streets in Velachery also have a guideline value of Rs 4,400 per sq.ft, including Seva Nagar 1st Street, Seva Nagar 2nd Street, Seva Nagar 3rd Street, Seva Nagar 4th Street, and Seva Nagar 5th Street.