Guideline Value for Sigamani Nagar 2nd Street

Sigamani Nagar 2nd Street guideline value

The current guideline value of Sigamani Nagar 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class II Type - I.

How the guideline value of Sigamani Nagar 2nd Street has changed

The guideline value for Sigamani Nagar 2nd Street has seen several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft, which increased to Rs 2,000 per sq.ft in 2023, marking a 49% rise. The latest revision in 2024 further increased the value by 10%, bringing it to Rs 2,200 per sq.ft.

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

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, making the 2024 figure for Sigamani Nagar 2nd Street below this median.

• Sigamani Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Sigamani Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Sigamani Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Sigamani Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• Sigamani Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Singaradasar Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Sigamani Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, leading to a total of Rs 1,98,000. It is important to note that 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 information.

Which Sub Registrar Office covers Sigamani Nagar 2nd Street?

The Sub Registrar Office covering Sigamani Nagar 2nd 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 details.

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

The guideline value is a critical factor in the registration process for property transactions in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the registration reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Sigamani Nagar 2nd Street?

The current guideline value of Sigamani Nagar 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,340 per sq.ft in 2017 to Rs 2,000 per sq.ft in 2023, and then to Rs 2,200 per sq.ft in 2024, reflecting a total increase of 64% from 2017 to 2024.

What are the other guideline values in Madipakkam-1?

Other streets in Madipakkam-1 have guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. Sigamani Nagar 2nd Street's value is below this median.

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

The stamp duty is charged at 7% of the higher of the guideline value or the sale price, while the registration fee is 2%. For a 1,000 sq.ft plot, the total costs can amount to Rs 1,98,000.

Where is the Sub Registrar Office for Sigamani Nagar 2nd Street located?

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