Guideline Value for Sivagami Nagar 1st Street

Sivagami Nagar 1st Street guideline value

The current guideline value of Sivagami Nagar 1st Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Gowrivakkam village, under the jurisdiction of the Selaiyur SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Sivagami Nagar 1st Street has changed

In the 2012 revision, the guideline value was set at Rs 1,500 per sq.ft. This figure remained unchanged until the 2017 revision, where it dropped to Rs 1,005 per sq.ft, marking a decrease of 33%. The value then increased significantly in the 2023 revision to Rs 1,500 per sq.ft, followed by a further increase to Rs 1,600 per sq.ft in the 2024 revision, reflecting a 7% rise.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, comparing the 2012 and 2024 revisions, the guideline value has seen a modest increase of 7%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Gowrivakkam

In Gowrivakkam, there are 130 streets under the Selaiyur SRO that have a 2024 guideline value ranging from Rs 840 to Rs 3,750 per sq.ft, with a median value of Rs 2,200 per sq.ft. Sivagami Nagar 1st Street's 2024 guideline value is below this median.

• Sivagami Nagar 1st Cross Street: Rs 1,600 per sq.ft (2024)
• Sivagami Nagar 2nd Cross Street: Rs 1,600 per sq.ft (2024)
• Sivagami Nagar 2nd Street: Rs 1,600 per sq.ft (2024)
• Sivagami Nagar Anna Street & Extn: Rs 1,600 per sq.ft (2024)
• Sivagami Nagar Bharathiyar Street: Rs 1,600 per sq.ft (2024)
• Sivagami Nagar: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Sivagami Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty, calculated at 7%, would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sivagami Nagar 1st Street?

The Sub Registrar Office that covers Sivagami Nagar 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Gowrivakkam

The guideline value is a crucial factor when registering property transactions in Gowrivakkam. It serves as a benchmark to determine the minimum price at which a property can be registered, ensuring transparency in property dealings.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees. These fees are essential for the legal transfer of property ownership and are based on the guideline value or the actual sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Sivagami Nagar 1st Street?

The current guideline value of Sivagami Nagar 1st Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,600 per sq.ft in 2024, with fluctuations in between, including a drop to Rs 1,005 per sq.ft in 2017.

What is the land classification for Sivagami Nagar 1st Street?

The land classification for Sivagami Nagar 1st Street is Residential Special Type - II, indicating its designated use for residential purposes.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, the stamp duty for a property valued at Rs 16,00,000 would be Rs 1,12,000 at a rate of 7%.