Guideline Value for Sigamani Nagar 3rd Street

Sigamani Nagar 3rd Street guideline value

The current guideline value of Sigamani Nagar 3rd 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. The land classification for this area is Residential Class II Type - I.

How the guideline value of Sigamani Nagar 3rd Street has changed

Over the years, the guideline value for Sigamani Nagar 3rd Street has seen several revisions. The 2017 revision set the value at Rs 1,340 per sq.ft. This was followed by a significant increase to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% rise. The latest revision in 2024 saw another increase to Rs 2,200 per sq.ft, which is a 10% increase from the previous year.

The overall change from the 2017 revision to the 2024 revision reflects a 64% increase in the guideline value. It is important to note that the register has no figures for the years 2002, 2003, 2007, 2012.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values for 2024 ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, indicating that the guideline value for Sigamani Nagar 3rd Street is below this median.

• Sigamani Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Sigamani Nagar 2nd 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 3rd 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, charged at 7%, would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Therefore, the total cost for these fees together would be Rs 1,98,000. It is important to note that 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 detailed calculations.

Which Sub Registrar Office covers Sigamani Nagar 3rd Street?

The Sub Registrar Office that covers Sigamani Nagar 3rd Street is the Velacheri Sub Registrar Office. The address is No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit this link.

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. It serves as a reference point for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees applicable to the transaction.

When you register a property, the authorities will assess the guideline value and apply the necessary fees based on this figure. This ensures that all transactions are conducted transparently and in accordance with the established regulations.

Frequently asked questions

What is the current guideline value of Sigamani Nagar 3rd Street?

The current guideline value of Sigamani Nagar 3rd Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, marking a total increase of 64% over this period.

What are the stamp duty and registration fees for property in Sigamani Nagar 3rd Street?

The stamp duty is charged at 7% and the registration fee at 2%. For a property valued at Rs 22,00,000, the total fees would amount to Rs 1,98,000.

Which Sub Registrar Office is responsible for Sigamani Nagar 3rd Street?

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

What is the land classification for Sigamani Nagar 3rd Street?

The land classification for Sigamani Nagar 3rd Street is Residential Class II Type - I, indicating its suitability for residential purposes.