Guideline Value for Sheela Nagar

Sheela Nagar guideline value

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

How the guideline value of Sheela Nagar has changed

The guideline value register for Sheela Nagar has no figures for the years 2002, 2003, 2007, 2012, 2017, and 2023. The most recent revision, effective from 1 July 2024, sets the guideline value at Rs 2,750 per sq.ft.

Prior to the 2024 revision, there were no recorded figures for this street in the guideline value register. Therefore, the current value represents the first established rate for Sheela Nagar.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value figure, 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 figure for Sheela Nagar.

• Sheela Nagar 1st Main Road: Rs 2,750 per sq.ft (2024)
• Sheela Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Sheela Nagar 2nd Main Road: Rs 2,750 per sq.ft (2024)
• Sheela Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Sheela Nagar 3rd Street: Rs 2,750 per sq.ft (2024)
• Sheela Nagar 4th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Sheela Nagar

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. Together, the total cost for these fees would be 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.

For more details on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sheela Nagar?

The Sub Registrar Office that covers Sheela Nagar is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the property registration process in Madipakkam-1. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. The guideline value acts as a benchmark for assessing the value of the property being transacted.

When buyers and sellers engage in a property transaction, the guideline value ensures that the transaction is recorded at a value that reflects the official rates set by the government. This helps maintain transparency and consistency in property dealings.

Frequently asked questions

What is the current guideline value of Sheela Nagar?

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

Have there been any previous guideline values for Sheela Nagar?

The guideline value register has no figures for Sheela Nagar for the years 2002, 2003, 2007, 2012, 2017, and 2023. The 2024 revision marks the first established rate for this street.

How does the guideline value compare with other streets in Madipakkam-1?

The guideline value of Rs 2,750 per sq.ft for Sheela Nagar is equal to the median value of Rs 2,750 per sq.ft for the 1,823 streets in Madipakkam-1 under the Velacheri SRO.

What are the stamp duty and registration fees for a property in Sheela Nagar?

For a 1,000 sq.ft property at the guideline value of Rs 2,750 per sq.ft, the total guideline value is 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.

Where is the Sub Registrar Office for Sheela Nagar located?

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