Guideline Value for Sheela Nagar Cross Street

Sheela Nagar Cross Street guideline value

The current guideline value of Sheela Nagar Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village, under the Velacheri SRO, and is classified as Residential Class I Type - III.

How the guideline value of Sheela Nagar Cross Street has changed

Over the years, the guideline value for Sheela Nagar Cross Street has seen significant changes. The 2017 revision recorded a guideline value of Rs 1,675 per sq.ft, which increased to Rs 2,500 per sq.ft in the 2023 revision, marking a 49% rise. The most recent 2024 revision has set the guideline value at Rs 2,750 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value 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 matches the current value of Sheela Nagar Cross Street.

• Sheela Nagar 5th Street: Rs 2,750 per sq.ft (2024)
• Sheela Nagar Iswarya Street: Rs 2,750 per sq.ft (2024)
• Sheela Nagar 4th Street: Rs 2,750 per sq.ft (2024)
• Sheela Nagar 3rd Street: Rs 2,750 per sq.ft (2024)
• Sheela Nagar Lake Bund Road: Rs 2,750 per sq.ft (2024)
• Sheela Nagar 2nd Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Sheela Nagar Cross 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, charged at 7%, would be Rs 1,92,500, while the registration fee at 2% would be Rs 55,000, bringing the total fees to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Sheela Nagar Cross Street?

The Sub Registrar Office that covers Sheela Nagar Cross 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 in property transactions in Madipakkam-1, as it determines the minimum value at which property can be registered. Buyers and sellers must be aware of the current guideline value to ensure compliance with registration requirements.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sheela Nagar Cross Street?

The current guideline value of Sheela Nagar Cross 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 increased from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, reflecting a total increase of 64% over this period.

What is the land classification for Sheela Nagar Cross Street?

Sheela Nagar Cross Street is classified as Residential Class I Type - III.

Where can I find the registration office for Sheela Nagar Cross Street?

The registration office for Sheela Nagar Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for property transactions?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, there is a registration fee of 2% on the guideline value.