Guideline Value

Corporate

Guideline Value for Sheela Nagar 2nd Main Road

₹2750/sq.ft.

The guideline value for Sheela Nagar 2nd Main Road in Madipakkam-1 village (Velacheri SRO, Chennai zone) is Rs 2750 per sq.ft, effective 1 July 2024. It was Rs 2500 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class I Type - Iii. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Madipakkam-1

Village

Velacheri

SRO

Residential Class I Type - III
History
Period Guideline Value
From 1-7-2024 ₹2750 /sq.ft.
From 1-4-2023 ₹2500 /sq.ft.
From 9-6-2017 To 31-3-2023 N/A
From 1-4-2012 To 8-6-2017 N/A
From 1-8-2007 To 31-3-2012 N/A
From 1-4-2003 To 31-7-2007 N/A
From 1-4-2002 To 31-3-2003 N/A
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042
044-22553736
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Sheela Nagar 2nd Main Road

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Sheela Nagar 2nd Main Road guideline value

The current guideline value of Sheela Nagar 2nd Main Road is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village, under the Velacheri SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Sheela Nagar 2nd Main Road has changed

The guideline value for Sheela Nagar 2nd Main Road has undergone several revisions over the years. The register does not provide figures for the years 2002, 2003, 2007, 2012, and 2017. The most recent revisions show that the guideline value was Rs 2,500 per sq.ft in 2023, which increased to Rs 2,750 per sq.ft in 2024, marking a change of +10%.

Prior to the 2023 revision, the guideline value for this street is not available in the register. The 2024 figure of Rs 2,750 per sq.ft aligns with the median value for the 1823 streets in Madipakkam-1, which also stands at Rs 2,750 per sq.ft.

Guideline values in Madipakkam-1

In Madipakkam-1, the guideline values range from Rs 1,650 to Rs 5,500 per sq.ft, with the median being Rs 2,750 per sq.ft. Sheela Nagar 2nd Main Road's 2024 guideline value matches this median.

Stamp duty and registration fee for property in Sheela Nagar 2nd Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total fees to Rs 2,47,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sheela Nagar 2nd Main Road?

The Sub Registrar Office that covers Sheela Nagar 2nd Main Road 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 information.

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

The guideline value is a crucial factor in the registration process, as it determines the minimum value at which properties can be registered in Madipakkam-1. When buying or selling property, the guideline value ensures that all transactions are recorded at a standard value set by the government.

During the registration process, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Sheela Nagar 2nd Main Road?

The current guideline value of Sheela Nagar 2nd Main Road is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024, which is a 10% increase. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Sheela Nagar 2nd Main Road?

The land classification for Sheela Nagar 2nd Main Road is Residential Class I Type - III, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For example, for a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500, and the registration fee would be Rs 55,000.

Where is the Sub Registrar Office located for this area?

The Velacheri Sub Registrar Office, which covers Sheela Nagar 2nd Main Road, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.