Guideline Value for Sheela Nagar 4th Street

Sheela Nagar 4th Street guideline value

The current guideline value of Sheela Nagar 4th Street is Rs 2,750 per sq.ft. 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 4th Street has changed

The guideline value for Sheela Nagar 4th Street has undergone several revisions over the years. The oldest available revision is from 2017, where the value was Rs 1,675 per sq.ft. This increased to Rs 2,500 per sq.ft in 2023, marking a significant rise of 49%. The most recent revision in 2024 set the value at Rs 2,750 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, which is equal to the current value of Sheela Nagar 4th Street.

• Sheela Nagar 3rd Street: Rs 2,750 per sq.ft (2024)
• Sheela Nagar 5th Street: Rs 2,750 per sq.ft (2024)
• Sheela Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Sheela Nagar Cross Street: Rs 2,750 per sq.ft (2024)
• Sheela Nagar 2nd Main Road: Rs 2,750 per sq.ft (2024)
• Sheela Nagar Iswarya Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Sheela Nagar 4th Street

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 to Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Sheela Nagar 4th Street?

The Sub Registrar Office that covers Sheela Nagar 4th 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 information.

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

The guideline value is a crucial factor when buying or selling property in Madipakkam-1. It determines the minimum value on which stamp duty and registration fees are calculated during the registration process.

Buyers and sellers should be aware that the guideline value may differ from the actual sale price. The registration process requires payment based on the higher value between the guideline and the sale price, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Sheela Nagar 4th Street?

The current guideline value of Sheela Nagar 4th Street 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 1,675 per sq.ft in 2017 to Rs 2,500 per sq.ft in 2023, and then to Rs 2,750 per sq.ft in 2024. This represents an overall increase of 64% from 2017 to 2024.

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

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, totaling Rs 2,47,500. These fees are based on the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office covers Sheela Nagar 4th Street?

The Velacheri Sub Registrar Office covers Sheela Nagar 4th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Sheela Nagar 4th Street?

Sheela Nagar 4th Street is classified as Residential Class I Type - III, indicating its designation for residential use within the area.